New Investor Struggling with Not Finding Renters

[Matt Dickens]

Hey Guys,

I literally just became a Pro member and have been looking at REI for the last month. I am very new to everything but I consistently hear the stories of how hard work pays off, and love that aspect of this pursuit. The biggest barrier I am still struggling with is the fear of not finding renters. I live in Arizona and am just about to graduate college, so funds are pretty tight. I have a potential investor to help with the down-payment, but know I would not stay afloat long if the place did not start renting. Any thoughts on the best method for relieving these fears and finding out how good the market is in a particular area, specifically Tempe and the surrounding area?

[Michael Seeker]

Hey @Matt Dickens - you should not put yourself or your lender in an uncomfortable position by not being able to properly service the loan.  If you burn that bridge you may never get another shot.

As for testing the market, in the past I've posted dummy ads on Craigslist to see what sort of response I would get.  As an example, you could post a listing with a few photos and generic description at your desired pricepoint.  If you don't get any responses, then the pricepoint is probably too high or you might be looking at a low demand area.  If you get overwhelming responses, then your pricepoint is probably too low and you may also be in a high demand area.