Could you review and let me know your thoughts?

Question

Hi, I'm renting my 2nd property after starting in February to invest in real estate.   The first property was rental ready and only had a about $800 worth of cleaning and cleanup needed to put it on the market.  It rented in about 3 weeks.

This property needed a remodel and we chose to upgrade it with tile, new carpet and granite, new appliances.  I think I got the townhouse at a good price.  I don't have the updated pictures yet -- remodel is still going on.   Here's my listing on Craig's list (this is in Mesa, AZ 85212):  http://phoenix.craigslist.org/evl/apa/5499153002.h...

Any thoughts on price or better wording?  This is my first townhouse.   Do they tend to rent as well as a house?  Everything in the neighborhood is townhouses with single family homes a couple of blocks away.

Stone Jin · Answer

Hi Craig,

We have many properties in the East Valley that I've been self managing.  Maybe I'm getting lazy with this crazy rental market, but the last property I rented out in 1 week had only a picture of the front.   I would suggest advertising online with Zillow (assuming you are only using craigslist), it is free and almost all of my leads come from there.

East Valley is generally more desirable than west valley, that's why the price difference between laveen(which have gone up significantly) and Mesa.

Best wishes,

Stone

Casey Miles · Answer

Hi Craig,

Congratulations on the 2nd property. At your rental rate of almost $1400 I would think your tenants have their own WD and don't need yours. I'd offer them to close a deal but don't offer them up front. One more thing to cover when they break.

I've started taking videos of my rentals and posting them to YouTube. Post the link in your CL post. I'm assuming you have a "for rent" sign in the front? If not, get one. Nearly have my tenants come from the sign.

Did you like who did the work  (flooring, counters, etc)? I'm always looking for good subs.

I live in Mesa and invest throughout the valley. Let me know if I can help with anything?

Good luck,

Casey

Craig Stephens · Answer

Thanks I reorganized the pictures to walk through the home.  Craigslist limits to 24 pictures.  My agent doesn't want a video as she feels the people won't come to walk through the house.   I'll update the rest of the pictures after the construction is finished.

Thanks for the tip on Laveen.  it's still about 30-50K less than east valley pricing @Stone Jin .  And I have only been using MLS via my agent and Craigslist from me.   I'll add some more a week after she adds the MLS listing and see where it does replicate to.

Thanks for the additional comments.

Craig Stephens · Answer

@Casey Miles  Would you post a link of your videos?  When you invest through out the valley, that's a lot of driving.  Casey, are you rentals, flips, what is your focus and what works best?   I'm thinking about buying in Laveen as the prices are much better than the east valley.  I'm not sure why the prices are so low.  Any ideas?

I'll let you know on the subs.   I'm working with a GC on this one.   I think I could have put the subs together but the GC only charged about 1/2 his normal rate to do it for me.  And they gave me fast, thorough inspection service that included the termite inspection.   I had posted on who I like working with including contact info, but the site doesn't allow that except in the marketplace.  I'll IM you separately.

Andres Rossini · Answer

@Craig Stephens I wouldn't do the floor plan. I would just make sure that the pictures are showing the overall layout, for example the pictures should give the potential renter online a view of where the kitchen is in relation to the living, and so on.

Craig Stephens · Answer

@Andres Rossini - When you do rentals, do you include a floor plan?  It's pretty easy to mock one up.  I used to see that on home sales but not too much anymore.  Good point on the cheap washer dryer causing issues.

Craig Stephens · Answer

Hi, I'm really new at this.  I can afford to put the refrigerator in the remodel is progressing and I'm waiting for granite counter tops to be put in.   What is normal for rentals?  washer and dryer an extra fee or included?  If an extra fee, what do you charge?

@Erin Margaret - Thanks for the thoughts.  I'm sure I'll have to add a refrigerator.  In my last rental, I have at least 3 people that didn't even look because it didn't include a washer and dryer.

@Wes Brand - Thanks I'll update the wording.  It's definitely not a huge yard and it's all gravel (which is common for Phoenix).   You can do non-refundable deposits and refundable ones here -- the deposits can't be more than 1.5 times the monthly rent.  I'll rewrite for "kids".   Thanks for the floor plan idea.  I have seen those in apartment rentals.

A question for everyone.  When someone does rent your place and they have appliances, you all have storage setup to store the extra appliances?  I guess I'll have to set up a place to store them.

I do appreciate the comments.   Helps a lot.

Wes Brand · Answer

One last thought: I haven't seen it outside of large apartment buildings, but you might want to include a floor plan with room dimensions and such. Not sure how much effect it will have on a townhouse rental, but I've found that useful as a person looking for an apartment.

Andres Rossini · Answer

I agree that you need pictures, maybe everything else is under work so you can't show it yet. I always look for pictures in the post and try to figure out how the house is laid out. If I can't tell the overall lay out by the pictures, then I think the photographer missed the point.

I haven't come across charging extra for regular appliances. I can see how you can charge extra for a jacuzzi, but not for everyday appliances. If I was to pay extra I would like to know in the post itself. Most likely, I would keep looking, the missing appliances doesn't attract me as a renter (if I was one). Another thing to consider, let's say I don't want to pay extra rent so I get my own washer and all that. I will buy the cheapest washer from craigslist that could be leaking and then make a moldy mess of your laundry room.

Are you short on cash that you don't offer the appliances in the deal? Iam sure you have a reason.

I hope this helps.

Wes Brand · Answer

Don't forget the yard if it has one and looks nice.

Not to be too harsh, but these were my thoughts on seeing the ad: Funny that you advertise the 'huge new tub' and have no photos of it. What're you hiding? Oh, huge yard, no pics there either. One-half hallway of the inside, hmm...

Fridge washer dryer for 'small amount', what's that amount?

Non-refundable carpet cleaning fee? Can you do that? Everywhere I've lived it has been against state laws. (Might be common in AZ tho)

You repeat 'kids play' too much in 'kids play area in the front, yard for kids to play in'

Could you review and let me know your thoughts?

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