Some strategies to increase rent on a property include improving the property's condition and amenities, ensuring the property is well-maintained and attractive, researching market rates and adjusting rent accordingly, and providing additional services or conveniences for tenants. It's also important to communicate any rent increases clearly and fairly to tenants.
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Real estate can be a great addition to an investment portfolio. But as with any investment, it has to be the right buy. This spreadsheet helps analyze...
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Build curiosity – in this stage, ask yourself these questions: Why does the property have such a high vacancy rate? Why is the owner choosing now to sell? Does the property have the potential to raise rent in the near future? Analyze the deal using the seller's numbers – in your spreadsheet, run a property analysis based on the numbers you have given in the Offering Memorandum. Most likely, you will have access to two sets of numbers: the current property income plus expenses and the proforma income plus expenses. Analyze the deal using historical operating data (a.k.a Annual Property Operating Data) – these financials include Property Rent Roll and Annual YTD Profit and Loss Statement. Analyze from a proforma perspective – in this stage, you look at the property as if you were already the owner of it. Begin by adding 12 months' worth of categories to your spreadsheet for projected income, expenses, capital expenditures and debt services.