All Forum Posts by: Noah McPherson

Quote from @Clare Pitcher:

Hi Noah! This is completely understandable that folks don't want to move around in the cold/ winter. I am in the Milwaukee market and we deal with this often. We try to have all of our leases end in March-June so it is easier to lease the property in the spring/summer. However, it happens sometimes that the lease ends in winter and we have a vacany. We try to offer a winter promotion of $200 off the first few winter months then make the lease 14-16 months so that the lease end date is not in the winter again!

Okay, thanks for the advice. I like this idea because it reduces the potential vacancy I could have by doing a short 3- to 4-month lease that ends in April or May, then starting over with a year lease. Do you get nervous about the long-term commitment of a 14- to 16-month lease? My guess is it wouldn't be as critical in an A- or B-class property as it would be in a C-class property.

Quote from @Drew Sygit:

Noah McPherson all good info from the other posters!

So, winters are the traditional slow times for sales & rentals. You can see this in the graph below:

The graph also shows that DOM is worst in 2024 than any of the previous 6 years:(

So, you are not alone in experiencing this.

Now, just don't take this as a pass to not try harder to find your own solution for this problem:)

Thanks for the data. I was looking for something along those lines to affirm what I was experiencing. I won't take it as a pass, though. I'm almost glad I got to experience the longer vacancy. It usually sinks in a lot more when I experience it versus just hearing it in a book or podcast.

Quote from @Tim Delaney:

Quote from @Noah McPherson:

Thank you Tim. Knowing that I'm not the only one is very reassuring. I have been experiencing what you're talking about. The leads I'm getting for potential tenants are not the best. I suppose I'll just wait until I find a good applicant and be grateful I won't have a vacancy this time next year.

 Just remember not to do a 12 month lease if you find someone this month or next! I usually like to start it shorter to be safe if I need to end the tenancy, but I know some people opt for the longer 14-15 month leases.

Okay, thanks! Maybe I'll make a policy to schedule all our leases to end in a spring/summer month range.

Quote from @Timothy Smith:

I'll second what Tim said. Also here in Buffalo, and this was a topic at our monthly BP meetup last week. Everyone is feeling it. Some folks will give you the simple reply that if you can't fill it, your rent is either too high or something else is wrong with your ad. I don't believe that is the case, especially if you have a quality unit, priced competitively, and clear advertising. Someone is always looking to move, you just need to know why. It is better to have a vacant unit than a bad tenant. 

I realized I hadn't thought about it, but it will likely be working professionals, students, or families. It's in great school districts, so I just listed those in the ad in a neutral, factual manner, which I believe won't violate fair housing laws as long as I avoid implying a preference.

Thank you Tim. Knowing that I'm not the only one is very reassuring. I have been experiencing what you're talking about. The leads I'm getting for potential tenants are not the best. I suppose I'll just wait until I find a good applicant and be grateful I won't have a vacancy this time next year.

Hello Everyone,

Currently, I am experiencing my longest vacancy yet. It's the middle of winter in a cold climate, so I understand not many people are moving. However, I don't find the long vacancy particularly enjoyable, and I'm hoping to gain some insight and grow from the experience.

Has anyone else experienced this, and what did you do to avoid it? Also, if a winter vacancy was inevitable, what would you do?

How are you guys using VAs as receptionists? I know it's hard gaining trust with sellers even speaking perfect English, but who knows, maybe people only perceive it as a problem. Let me know if you have any good solutions. Thanks!

@Chris Seveney maybe you can't. I can do anything

I'm 23, and over the past year and a half, I've purchased two duplexes. Now, I'm looking to buy a third property, and I'm actively looking for ways to do BRRRRs with no money down. One potential way I'm considering is using lines of credit to fund down payments and/or rehabs. I currently have no job and pretty good credit. However, I do have reserves that can support three properties and a good chunk of equity in my properties. My question is does anyone have any advice on securing lines of credit? Is there any creative methods anyone has experience with in accessing lines of credit in a situation like mine? TIA

For anyone interested in the process, including you, if you're interested, @Michael Warthen

I believe making offers would involve a letter of intent. That was the term I was looking for. You'd send your LOI. Then, after a verbal agreement, you'd draft the offer and send it. Here's the article that explains the process. It's pretty informative. https://www.biggerpockets.com/blog/offer-on-off-market-property