Likelihood of finding a tenant for Nov1, if I start late summer?

Question

I'm moving back into one of my rentals this fall, specifically November 1st and turning my currently primary residence into a rental. I was originally going to shoot for moving in February next year but I think it will be easier to find a tenant for November since I will be able to start marketing in August, during the busy season. I would stipulate that the house would not be available until November 1. How likely am I to find a tenant for this given a Nov1 move in? I figure in September I'm probably going to still have a lot of people looking and November isn't that far from the end of September. I worry because I know it's harder to find tenants in the winter, so I want to get this right.

To top it off, the house has a mother in law apartment above the garage, which would be rented out to a tenant as well. The unit is attached to the main house, so I'd have two tenants in one house, though they have separate breakers, baths, laundry, kitchens, etc. There would likely be some noise experienced by each tenant from the other tenant.

I'm hoping it's not going to be too difficult, otherwise I'll have to try a different option. Perhaps I might have to sell this house and rethink the house with MIL apartment option in the future...

Will rent house for about $3,000 a month, comparable properties in the area go for about $3,300-$3,500 with the latter being more common.

It's a highly desirable area, within walking distance of a top school district.

The MIL would generate an additional $1,300 a month in rent.

Jack B. · Answer

I just closed on two new houses here in April and May, had them both filled within a month and 2 weeks, respectively. The latter to two dentists...

I'm wary of how hard it is to find decent tenants for such a high end property though. I'm hoping the lower price relative to what a comparable house rents for should help, as is working with people with bankruptcies. I have one tenant that has a bankruptcy and they are OK.

I just realized that my plan B will be that if I can't find a tenant by Nov1, then I stay in the house until end of January then move, this way I meet the two years of ownership and can sell it without the heavy tax penalty. I'll also keep getting cash flow from the other property and having someone else pay it's mortgage until the time is better to move back in.

Jack B. · Answer

I usually post via Zillow Rental Manager, which posts to about a dozen sites. I also post on Craigslist.

Will rent house for about $3,000 a month, comparable properties in the area go for about $3,300-$3,500 with the latter being more common.

It's a highly desirable area, within walking distance of a top school district.

The MIL would generate an additional $1,300 a month in rent.

Jack B. · Answer

If I ended up selling I would give the rental property notice before I list. My market is red hot so it will sell quickly and I want to make sure I'm not living in a motel while I wait for them to vacate, this way I just move right in. I was just there taking care of a plumbing repair recently so I know I don't have to do much to move back in, it's just like I left it.

If I end up finding a tenant for this house within the time constraints I will give the other rental tenants notice. They are on a month to month lease, three room mates. Nice guy's, I'll miss them, but I want that cheap mortgage back.

Krystallin Baker · Answer

@Jack B. That's good news that the place is just as you left it! A landlord's dream :)

Krystallin Baker · Answer

@Jack B. That seems like a solid plan B! How will you handle the other rental property then? Are you giving them notice once you fill the house you're currently in?

Krystallin Baker · Answer

@Jack B. Sounds like you have a solid plan in order. Do you have high-quality photos? Good pictures will go a long way in generating interest. As will a solid property description. If your market up there is anything like the one here in Fort Collins, rentals move fast and your time frame shouldn't be an issue! Let us know how it goes.

Krystallin Baker · Answer

How successful you will be will be largely dependent upon a variety of factors, some you have total control over, some you don't. How well are you marketing your property? Make sure you list it out across multiple websites, not just one place. How good is the location? Not much you can change about that, but something to consider. How accurately have you priced it? Make sure you do your due diligence in choosing the right price point for both units. Best of luck! Seems like a feasible goal if you do your legwork!