First rental, not renting. Suggestions.

[Justin Johnson]

Closed on my first single family rental 21 days ago. Listed it immediately with the disclaimer it was being rehabbed (nothing major, but lots of little stuff). We have had at least 12-15 groups/families walk through and take applications during the rehab. Only one filled out and returned it but she put a false landlord which quickly eliminated her. The house is 90% rent ready with only a few things left to do, but I'm stressing about not having more applicants. How long do your units stay vacant before they are filled? At what point do I consider lowering the asking price? I live in a town of 25,000 people and there are only 5 houses to rent -- mine is the cheapest!

[Jay Jasunas]

@Justin Johnson

I tried to rent a SFR while it was under rehab and it was a complete disaster. Everyone that came thru to look could not understand they were getting new carpet, paint and everything fixed. No takers until I finished rehab, then it rented on first day post rehab with three other parties also applying.

Finish the rehab, take pictures and get it rented.