Need help finding a renter!!

[Uju Anyanwu]

Hello BP family. I am a newbie in REI from Dallas Texas. My goal is specifically rental property investment. I closed on my first rental property (SFH) 12/19/19. I made this deal with little or no knowledge in REI (bad idea). With the little knowledge I have acquired from BP, I have realized it wasn't a good deal. I am learning from my mistakes and trying to move forward and make the best out of it. The property was renovated by an investor (my guess) before I bought it. I have put in new appliances, washer, dryer, refrigerator. My property has been listed on various sites including Zillow, apartments, for 2 weeks for rent with little prospects. So far only one person has come out to see the property. I need some advise on how to get a renter soon. I tried to use my realtor to get a renter but she is charging 1 month rent. So I am trying to do it myself. I also need help getting a lease agreement. I would appreciate if anyone can share one with me.

The house has carpet with tiles in the kitchen. It is listed for $1550 which is slightly above the median price. I am trying to figure out the best action to take to get a good renter soon. I have been thinking of doing a few things and would appreciate inputs please. My options are 

1. Change flooring in the living room to laminate or luxury vinyl plank (which are cheaper than hardwood flooring). 

2. Leave the house as is and offer first month rent free or half off. 

3. Decrease rent to $1450-$1500

I want to figure out the most affordable thing to do to salvage my situation. I don't have a lot of cash left (invested almost all my free cash in purchase). 

I hope to recover from this deal, learn from my mistakes and hopefully continue to pursue my dreams in REI.

[Marc Winter]

@Uju Anyanwu, congrats on the first investment.  This is what's known as the "Ready, Fire, Aim" school of investing.  But don't worry--it's still salvageable.  

First, take a deep breath, and think about the timing of this purchase:  you closed just before Christmas, and today we are not a full week into the new year.  Most qualified tenants were home celebrating the holidays with their families.  Who goes house hunting during this time?  Your guess is as good as mine, but the majority of folks are not out looking.  

Lower your price $25/mo, put a 'For Rent' sign in the window or front yard, do your facebook, Zillow, Craigslist, etc.  

Have some flyers made up about the house, its features, and rent. Then go door-to-door to around 50 houses surrounding your property;  "Do you have a friend or relative you think might want to live in this neighborhood?"  

If they say "yes", then Bingo!  If they say "live in this stinky neighborhood?  No way!", then you have a possible motivated seller.

Unless you have some experience in vetting and qualifying a prospective renter, it might be a good learning experience to have your realtor (if they know what they are doing in that regard) qualify the tenant--background, eviction history, previous landlords, proof of income, job stability, number of household members, etc.

Good luck!