1st buy & hold property under contract

[Lawrence Henkel III]

Hello, After a very long search and several failed attempts we have our 1st buy & hold property under contract in Ypsilanti,MI. We are set to close on October 7th. It needs a little work to be rent ready and I'm a little nervous that it won't be available until December. In Michigan not many people are looking to move in the winter. We have the resources to carry the property if it is vacant for a while but just wondering how hard it is to find a great tenet in winter in Michigan.

[Aaron Treloar]

Congrats on your first!

Finding tenants in winter in Michigan is more challenging but not impossible. It is important to stick to your screening because you may be tempted to let it slide if you are going on a month or more of vacancy. Just be patient and the good ones will come. You may need to offer a lower rent in the winter also.

I would also offer a lease only through May or June to start and then renew yearly from that point to keep your future vacancies in prime leasing season.

I typically see a flurry of renter activity between Thanksgiving and Christmas but the weeks of the Holidays are relatively dead in terms of leads. After Christmas it gets very slow.