Commercial Investor Seeking Rental Advice in TX

[Tashfeen Islam]

I recently purchased an eight-unit apartment building in Killeen that needed major renovations (currently underway) and only had one unit occupied.

Although it's been two months since I closed on the property and three of the units are rent-ready (excluding the one that is currently occupied), my property manager and I are simply not garnering enough interest for each 3 bedroom/2 bathroom unit at $650.00/month.

The building itself is only 43 years old and has recently gone under significant remodeling so I would think there is more appeal than a run-down, poorly managed building.

Can someone please advise what else we can do to get a few more vacancies filled?

Has anyone in the invested in the area that also experienced this issue?

[Marco G.]

@Tashfeen Islam

Wow you’re PM really has you wrapped around their finger. Hopefully the property doesn’t stay vacant while you wait for your contract to expire over the next two years.

What’s their recourse if you terminate the contract? You’re getting what you’re paying for (nothing), the only question is how much longer you want that to continue. Terminate and move on.