Background: My sister lives in MA, has owned a 2 family house for many years. Our mother lived in the apartment for 17, when she moved out sister used a broker to find tenants (when they had to leave - student visa expired) she used another broker to find new tenants who have been a nightmare. Both broker experiences have been horrible. Current tenants lost job and are going back to another state, she is gladly letting them out of their lease, property is available October 1. I live in VA.
Enter Bigger Pockets: I literally stumbled on the BP site a few months ago and though I want to get into the REI game, she is actually in it, so I told her to check out the website and that she could fill the apartment herself using info we learn from BP, and I could help her, remotely, from VA.
What I have done: I have followed all of the suggestions regarding tenant screening and had two showings to qualified parties, neither of whom followed through with process. I created a wix.com website which is referred to in CL, Postlets, Zillow, etc postings (www.40auburnst.wix.com/maldenma) (Also - I am not sharing this link as advertising - just to show what I did - mods, please delete if this a violation) which gives a detailed description of property and application process. I manage the inquiries from VA via Google Voice phone number and gmail account, she does the actually showings. I have had inquiries and followed up with approx 60 leads from zillow, 10 from CL, 5 from Trulia, 6 from Hot Pads. Only 10 of those conversations were from people who seemed genuinely qualified ( income 3 x rent, credit score=600+, etc) the rest seem to be relocating from Mars or something because they don't even read stuff like "how much is the rent"($1695/mo) or "No lead paint certificate".
Sister is FREAKING out: What do you suggest for a next move? Lower the rent and change the ads (I have told her that all advice from BP seems to be wait it out, better an empty month then a horrible tenant, esp if you live there too). The rent seems from all indicators to be perfectly priced, I am afraid that lowering rent will just attract even more lesser qualified people. She just wants it rented. (It will show a lot better when empty of all of the, um, "stuff" belonging to current tenants.)
What do the experts suggest? Am I not turning over the right rock to find qualified people at this price point? Or is it the time of year and too late for the current moving cycle? Any advice from people who have been there, done that would be greatly appreciated. Also I have researched the legalities in MA (the worst state of all) regarding fair housing compliance, we won't do anything "shady". Thanks!
