All Forum Posts by: Kyle Pierrehumbert

@Sandy G. @Bruce Woodruff really appreciate the encouragement here. great points made on the fact that a bad tenant is a bigger problem than paying a mortgage payment. I’m new to this so just getting excited/anxious in placing my first. I’m purposely self managing this unit to learn the good and the bad… safe to say that’s happening haha. I’ll keep sticking it out and wait for the right people to become interested!

Hey guys really appreciate the reinforcement of sticking to my gut and staying patient. I feel silly for even posting it… I think this is a you know the answer situation. It just helps to have others that are in this business reinforcing this. I’m new to all this so taking it as it comes. Thanks again.

@Chris Seveney I appreciate your conciseness. You are right. 

@Joe Homs yeah, great point. The place is great. 2 brand new renovated bathrooms, brand new carpet, brand new paint, and brand new appliances!

I am trying to reduce my vacancy so will consider a price drop soon. 

I think land lording has taught me that the sad truth is that the majority of people are terrible and dishonest communicators. They are probably telling 10 other landlords the same great feedback as me and then deciding to not follow up.

Ill put less stock into the words they say until they submit an app and sign a lease....Yep, the joys of landlording. 

Would you accept a tenant for a $2,150/month rent with the following situation:
- They own 2 restaurants so it is hard to verify their actual income VS the company. They have shown me tax returns for the business. 
- I asked for 3 months' bank statements and have about 20k liquid

- 16 derogatory remarks on credit report- (I feel dumb for even asking considering this)

Here is the kicker:

- they own a restaurant and already said "How would you feel if there were occasional workers that stayed here?" - to me this was another way of saying "I am going to have some of my undocumented employees living here (yes they disclosed some undocumented individuals, however, the potential leaseholder is documented)

Someone please talk some sense into me LOL this is my only official applicant as of now. I can get over some of the less-than-ideal here. I am beginning to learn that  I may not always find a tenant who is perfect on paper. 

Hey there. So I am working on placing a tenant in my first rental property. I had a ton of traction from potential tenants this past week, a total of 6 showings all with promising folks.

I have done simple pre-tour screenings to see if these people are worth my time and they are. I had 3 folks who said "Oh yeah I love the place, send me the application and I'll do it" and.... they go ghost on me.

Any thoughts on how to deal with this? I know my unit is priced competitively and the showings go great, I have gotten great feedback on the property. 

I am starting to get frustrated by some of these people who tell me one thing and then go silent. 

Alright quick update here folks.... 

So I initially listed my place for rent on March 22. This week I had 5 good inquiries with prospective tenants and 3 tours!

I took the advice here and got some professional photos and a 3d walkthru, I think this helped. I also Strategically did a 5% price drop when I uploaded the new photos to get even more attention (really trying to minimize vacancy here) 

It's looking promising with one applicant who plans to be a longer-term tenant.

Thanks to a local expert @Lorien Rollins for giving me some great info!

The biggest takeaway here is to be patient. 

Such great responses. I appreciate the effort here!

I did not use professional photos first, however I am getting that done on Friday and will update the listing! I have written out a very thoughtful and accurate description for the post. 

I think a massive element here is I need patience. Im antsy as this is my first and just want to get someone in there, the right tenant of course (and I wanted these learnings).

I am planning on self-managing first, again to learn all I can. I'm primarily going to use Zillow for everything. 

@Lorien Rollins This is sooo helpful. I think I saw a post of yours and you have a house in Denver NC? That is where this is. It would be invaluable to have a quick call with you. 

Hey! So I just closed on my first rental property and have it posted on Zillow, it is in a desirable area and I priced it competitively when directly comparing it to other listings. It has been listed on Zillow for 4 days, I have a ton of views on the post, but only one contact and person interested.

It's making me ask myself the question- when should I lower the rent? I would prefer to have as low of a vacancy as possible but don't want to be too eager to drop the price. Looking for general guidance here.