First Property. Vacancies are stressful!

[Satya Nagarajan]

I bought a quad 3 months ago in a B/B- neighborhood for $120,000. We took over from a previous owner that was managing the property poorly and 3 out of the 4 tenants had moved out from the time we went into contract to the time we closed. We upgraded 2 of the units and advertised higher rents (from $500/mo to $600/mo). My manager is doing a great job of keeping the property in good repair, but it's been very stressful dealing with the vacancy of the 2 rent ready units. It's been almost 2 months and no applications yet. We are offering a special now with a free month if they sign a 13 month lease. The last unit isn't rent ready and needs some work. We'll start on that once these 2 are rented. I have my fingers crossed that I'll get two good tenants soon. Has anybody been in a similar situation? This is a new experience for me, and the first few months have been rather stressful.