All Forum Posts by: Glenn P.

Have you offered the tenant $300 cash for the keys?  In the end, it will save you money and headache if you can agree on terms (2 weeks to be out, for example).  And if you explain how hard it is to find a new rental with an eviction on  record maybe that will convince them.

I know it feels wrong to give a tenant that is late money, but unless you want to do it just for principle, I think you will end up with a bigger headache if you go the full eviction route.

$550 for a 2br/1ba duplex in Gainesville, FL.

I have rentals in Gainesville and have never had any problems renting, regardless of time of year.  I prefer non students though so it may vary if you are going after students.

And while I agree this is a business, I have found it to my advantage to treat my tenants not just like a business, but like someone else said, a customer.  I feel like my tenants stay longer (and it's certainly more pleasant dealing with them) and I've never had to do an eviction in over a decade of doing this....but with this approach you have to pick your tenants wisely.  That's why it takes me sometimes months to rent a place, despite many applications.

Good luck! And congrats on your first rental.

Thanks for all of the replies and advice!  Now I now I am in the ballpark of what I should be.

I'm wondering what others are seeing as interest rates right now.  I paid cash for a property and after 6 months passed I am putting a mortgage on it.

This would be my fifth mortgage so I know that increases the interest rate a little bit (maybe?)..and also by being a cash out refi I understand that can make the rate go up as well.

I was quoted 4.75 on a 30 year conventional fixed.  Is that in the ballpark of what I would expect?  I have excellent credit, so I know that doesn't factor in.

Thanks

Hi Alex

I look at anything really, but haven't jumped into student rentals. Most of mine are SFH's rented to folks who live/work permanently in Gainesville. On average, you will see 1-1.2 percent houses. So if it costs 100,000K you are going to get about 1K of rent on it. Not exact, but that's around the prices I have been seeing. I try for at least 1.5 percent, which was easy two to four years ago. Just a rule of thumb, but it's easy to quickly gauge if it's going to be worth my time.

Hi Alex!  I'm interested in what numbers you are seeing right now.  The market in Gainesville seems to be inflated right now and I can't make numbers work for anything but properties in the SE.

We have very low inventory right now....a couple of years ago we had great deals everywhere but things seem dried up to me.

Happy hunting!

Thank you Terry and Brendon.  Terry - wasn't aware of the September time-frame...I guess that is past the prime selling season so prices start to go down?  And Brendon - I'll think of ways to do that...like maybe adding additional bedrooms?  Or items that enhance curb appeal?  

Thanks for the feedback....I'll see what I can find.  I really like having all my rentals close by in Gainesville so I can easily drive to them for repairs and showings, but could look at the surrounding areas.  I've been hesitant to go the property manager route but could consider that for any out of town properties.

Ok, thanks for the feedback.