I purchased a townhouse about two months ago and put it up for rent soon after, but have been unable to find any tenants. One customer said it was too pricey, another said it was a bad neighborhood; the home is $1395/month, has 3 stories, has 3 beds, has 3 baths, and is around 1,700 sq./ft. I am relatively new to investing and also this website, and any tips would be great. Not asking for a mentor, just advice.
I purchased a townhouse about two months ago and put it up for rent soon after, but have been unable to find any tenants. One customer said it was too pricey, another said it was a bad neighborhood; the home is $1395/month, has 3 stories, has 3 beds, has 3 baths, and is around 1,700 sq./ft. I am relatively new to investing and also this website, and any tips would be great. Not asking for a mentor, just advice.
There isn't enough information to know what the problem might be. However, people look at a lot of aspects like location, floor plan, price, condition, neighbors, commute, landscaping, smells, etc
What I've done is an "open" and placed recorders around the place to capture the conversations people make so I can identify some of their comments good and bad. Then I try to fix the perceived problems.
You can also go to rentometer com and see if your pricing is in line with other options in the neighborhood.
@Eric Belcea
Some investors will turn to the section 8 program to lease “hard to lease” buildings.
I’m a believer that there is market for everything at the right price. Consider lowering.
@Eric Belcea you have made this post on the wrong forum. This is the multifamily forum which is for people who have properties or questions with five or more units. This would be better suited for the single-family forum.