All Forum Posts by: Sachin H.

Thanks everyone! I love BP!

The property is on the market for over 5 weeks and I'm a first time investor.  I have got queries from mostly non qualifying tenants.  This is a nice B family neighborhood and I had these guys who wants to rent and I was debating if I should wait longer or give it to them and finally decided to go with these guys as the property manager really liked these guys over few family who applied. Being out of state I have to with what property manager says.

I have an applicant who is 19 year old and he is moving with two others who are in mid 20s.  The mid 20 year old applicant has decent credit score with all clear background (cozy screening).  The 19 year old says that his account is locked out and the system says he has no credit history to go to next step as he has no credit card. ( He is been living with parents and friends so far) 

The property manager called his employer and he is clear there and I did a a state public criminal record search and nothing found.  The property manager says that he is on the hook/lease application with other two and we should be good to go.  Am I being over paranoid here?

Thanks

Here are the comps that are available in the market - 

11 Properties available for Rent: All with in a distance of 3 miles from my place

 *** My Property***  $1250 - 4 bed 3 bath 2 car garage. Huge private backyard (Fully fenced)

House 1:  $1095 3 bed 2 bath.  No backyard, much smaller - In market for 14 days

House 2: $1325 3 bed 2 bath.  Little bigger and no fenced backyard - In market for 19 days

House 3: $1500 5 bed 3 bath.  Bigger and no fenced backyard - In market for 22 days

House 4: $1200 3 bed 2 bath. Smaller and no fenced backyard - In market for 47 days. I don't see this in MLS site. Just shows up in Zillow so I'm not sure

House 5: $1095 3 bed 2 bath. In market for 65 days (But doesn't show up in any MLS site).

Few more in the range of 1350-1500 - Newer house.  4 bed 3 bath.

So I went with $1250 because my property has +1 bedroom and a huge fenced backyard.  

Zillow analytics shows that my property is being viewed atleast 2x times more on their site but I don't think I can interpret that in any ways as I am not getting any applications - Although there are tons of inquires with low credit. 

So do you guys think that I have over priced the property?

The property manager is local and experienced.  But he is mainly into selling (Realtor) and does property management for very few (hand full) properties.  The property manager quoted $50 less but I wanted to test the water by adding $50 to which he said it shouldn't be a problem.  

I recently bought an OOS property and this is how I did my calc:

So in your case. I'll add that 30k into your initial repair and the ROI at 11 month occupancy would be 5.8%.

The question is Have you checked the comps in that area and are you getting a discount from your co-worker? If not then why go with them?

Thank you.  That makes me feel better!  Yeah the rentometer, zestimate all said that I have priced less for the # of bedrooms and bath. Even the housecanary said it was priced right.  Keeping my fingers crossed!  Thanks again!

Villa Rica, 30 Miles west of Atlanta. 

Oh. Forgot to mention.  Yes I have a property manager doing all these for me.  I'm an out of state investor.  He says he is getting lots of calls but majority are garbage with 400+ credit score and that's why he is not forwarding those to me.   He says he is confident that we will get someone with 600s and asks me to wait as renting it to wrong person would do more damage than leaving the property empty.   Seems like a good advice but worried at the same time - You know the first time investor dilemma 

Hey Guys!

I closed my first investment property near Atlanta a month ago and I haven't got a tenant yet.  Here is what I have done so far.  Should I be worried (yet)?

Property type:  Type B. 

Demographics: Decent demographics in the salary range of 50-70k.  

Rent is 1100-1500. My property is listed at 1300. Aligned with all the other open listing in MLS

Posted in Craigslist, MLS (Zillow etc)

Response:  Lots of calls but 3-4 applications so far all with major red flags (evictions, etc)

My Thoughts:

1) Reduce 50-100$ to see if we get a decent application - Part of me also tells that, if it wasn't priced right, I wouldn't have got so many inquiries and other part says - Reducing 50 is not a bad strategy as it would keep the property occupied.  I'll make the difference in a year

2) This is still winter - Keep it as is.  One month in the long run is not a big deal and it is better to wait for someone good / decent than to rent it out to someone with eviction history of 500 credit score.

Am I doing anything wrong.  Appreciate your help !