New Property Owner - Filling A Unit

[Janae Aasen]

Hi, 

I am a new investor in Kalamazoo Michigan and I'm having some trouble finding a tenant that meets my minimum qualifications.

1) 3x rent in monthly income;
2) No evictions;
3) No felonies within the past 7 years and no felonies ever that were violent crimes, sexual crimes, crimes against children and crimes against animals.

Since August, I have purchased two buildings with a total of 12 units. Both buildings are under performing properties that I am doing basic cosmetic updates to. The first unit I had vacant and filled with (so far) good tenants in less then a week. The second unit (but a small one bedroom) in the same 4 unit building has been advertised for 3 weeks. I've had over 25 inquiries. Only three individuals met the minimum requirements and each one has taken an application but mentioned that it was probably too small for them.

Everything I have read shows no indication that my minimum standards are too strict regardless of place. 

Any advice on how to get this place rented?

Thank you!

[Aaron Treloar]

I agree that your criteria are not too strict.

If you haven't taken your listing down, written a new one and reposted it, I would suggest you do that to eliminate the current stale listing.  When you do this I highly suggest that you take new pictures also.

A small one-bedroom is going to appeal only to a small segment of the market so you need to focus on that segment - students, single professionals (depending on your location).  Being the current season in Michigan it is naturally more difficult to find a tenant so patience is the key right now until about March.

You may try playing with the price also.  Offer a 6 month lease at a reduced rate to get you back into a decent leasing season.

Good luck with your units and feel free to reach out to me if you have any other questions.  I am happy to help!