First deal but no renter

[Jerry Condra]

Hi all,

I'm new to BP, just posted my introduction a few minutes ago and have a question for the community. I'm just about ready to make my first deal for a buy and hold in a great location in a great school district. My question is, I'm a little hesitant to buy something and not have a renter lined up. Probably a non-issue given location, but it seem risky anyway. Any suggestions on how to tackle that other than making sure I have the money to cover a couple months rent?

Thanks!

[Account Closed]

My husband and I just swapped an older property for a brand new townhome in an up and coming area. In the past, with the "not so great" property, I never had a problem with getting tenants lined up within days. The rent was cheaper, property was not high end, tenants were not so fussy. However, with this particular property I have had it listed for a month now with only nibbles and no bites, rent is higher, the property is high-end, and there is competition for the same type of units in the area. Even though this can be stressful, I intend to stay the course and hold out for the best tenant. I wait a bit, lower the rent, market it, and keep going.

While we don't have a ton of properties, I have been doing this for about 15 years. So, my advice to you as a new landlord (and I am only saying this because I have done it!), is to be careful to not to go down the "desperado path." I like to refer to it as this because that's what happens when we get nervous about not getting a tenant right away. We end up with someone that is not the best because we are afraid of floating the property for a few months In order to get the ideal tenant who meets our requirements.

Do your research, wait to close the deal and then get the best fit. If you know the deal is "done" then it's OK to market the property in the interim, but do yourself a favor, don't freak out and go on desperado mode because you will end up with a desperado tenant lol! :) Good luck!