Raising Rents On My 32 Plex | Terrible Timing 🤦🏻‍♂️

This video shows an update on raising rents on the 32 plex Chandler purchased last month. Chandler shares the struggles and successes of this rent increase.

Chandler Smith has been investing in real estate for the last 6+ years and now owns 103 units of rental real estate. In this video, he shares the struggles and successes of making a large rent increase while also getting hit with the current struggles in the market.

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[stevengtv]

This is bad timing. I understand we’re not in the charity business but cut people some slack. We’re all in this together. I’d send out a letter postponing rent increases for a few months. You would gain a lot of respect and see less turnover for when you raise rents in the future.

[FasterFreedom]

Not the best timing but I love the video. Good work! We have been raising rents on our 32 unit in the last year and have forced 300k in value/equity!

[ChandlerDavidSmith]

What else do you want to know about the 32 plex?

[tenplus]

Dude! I was thinking about your deal!! Man! Nobody can factor in a virus outbreak.

[tenplus]

I know you don’t dog on your buddies. But you are informative, never name dropping for subscribers and not talking smack on billionaires. Good job man. You can tell you aren’t from Cali 😂. Doin an awesome job buddy!

[jpy]

is it even legal to increase rent by 50%? Here in Canada we cant increase by more than 3% per year. this is news to me!!

[MrPchoi]

@Chandler - topnotch and helpful content as always. Want to pick your
brain on approaching renovating (minor things e.g., paint, flooring,
accessory replacements to spruce up the place) while
units are occupied. How would you go about that? Thanks in advance.

[ShihabPersonalFinance]

people count money, Chandler counts doors

[MichaelDillin]

Really curious to see what happens on the first of the month when renser do and what state is your property in California or Oregon where the governors have come out and said there can be no evictions. really puts the landlord in a tough place especially if you have to pay taxes and manage your mortgage payment... Not to mention the improvements that you're still paying off

[cihatecicek]

I talk with numbers as I am a recession expert economist .. USA next 3 quarters GDP will fall around %15 at best. This week alone 2.1 million workers are jobless..Your tenant is soon going to be US government, not tenants paying the rents. Very unfortunate timing for you. Keep cash and pray banks will also be asked to delay your loan installments by the government. USA jobless rate I expect to see between %9 even up to %20 in 2020.
wish you luck

[thomasl.]

I liked the fact that you gave them a discount, and they could go month to month.

[jerzdevi]

Couple of years ago, similar situation happened to the rental community I was in. I moved, due to need of more space for expecting baby. 6 months after I moved a new company bought he rental community, 150 units of 1 & 2 bedrooms. Rent was $1000 for the 2 BRs and 850 for the 1 BRs . Everyone across the community was given 30 days to vacate for at least 1 week for renovations. Which consisted of new carpets, new counter tops, entire new bathroom redisgned. Upon finished renovations tenants were then given another letter stating in 30 days the rents were to be raised by $350. Meanwhile I moved into a new house in a gated community for $1, 200. There are pros and cons to everything. Looking at it from the owners perspective, he needs a return on his investment. No one likes raised rent but no ones forcing anyone to stay either .

[TheZeedler]

Very well played, Chandler! Thank you for the video.

[Postofficejoe]

Could I get a copy of the letter you sent to your tenants about raising rents.?

[fitzsfinance]

I'm going through a quadplex and it's making me crazy right now. I know the numbers make sense but it's driving me crazy the way things are right now

[Pat]

How do you find a contractor to do this type of renovation? How do you know they are not ripping you off with a price and do you actually sign a contract with them? Did you have them walk through the entire complex to give you the total cost of renovations before you purchased it? I own a lot of rentals but am still scared of major renovations.

[pawelwisniewski]

I always worry that you gonna break those fingers when you explain something 😂😂

[L_Corso]

Hi Chandler, I just wanted to tell you something about what you mentioned at 3:45 "Making it better for the tenants" and with you coming in with a negative cash flow, I just wanted to mention about a job I had when I was going to trade school and that job was "Apartment Energy Efficiency Expert" Cool title, but basically apartment owners would hire me to come look at apartments I would tell them if majority of the apartments could use an "energy efficiency makeover" Which basically means I would tell the owners of the complex if apartments didn't have LED lighting in the household, or had high flow toilets or high flow showers, I would basically just look for something that gave off a high energy output and look for ways to reduce it. Which would put costs down for energy usage per unit (Reduce water supply cost or energy supply cost) If you haven't done it already I would suggest taking a look at each apartment and see if they have a high energy output and see what you can do to lower it. (I have no knowledge of what they complexes are or if they could use this info, but I just thought i would put my two cents into your idea.) Cheers, love your videos. I hope to own my own apartment complex one day with my knowledge and some knowledge that you have shared with me. Hell, depending what area you are in, I could do it for you! haha.
*Edit, reread this and wanted to say, my job was to replace the high energy output devices and replace them with low energy to save the owners on water / electricity costs.

[robc]

Good for you Chandler! Drown out the negative and carry on. You’re obviously providing value to your tenants (and your viewers!)

[stormshadow]

I'm finding it difficult to get deals under contract. I've called 4 to 5 listing agents and all of them has told me "the deal is under contract." Yet, the post is still up on their site.