| Thanks mtthomso! It's nice to hear I'm not the only one too! When we bought the property about a year ago, it seemed like a great price. But, we inherited tenants who turned out to be pretty low quality. Now that we've got one tenant out (a boiler broke), he's left the place in disarray - huge sections of drywall missing for no apparent reason, lots of junk inside and outside. Plus, the previous owner never did much upkeep or updating. So, I just decided that, rather than do the minimum amount to get a new tenant, I'd raise the quality to standard where my wife and I would have lived together when we first got married. I figure at least then, I'll have a shot at getting a B-class tenant, and I think I'll be able to raise rent by about $200, which would be about a 17% return. We'll see what happens... |