All Forum Posts by: Luis J.

Thank you all for the responses! I talked to another PM, yes it's a slow time for that market and it usually picks up after the New Year.

The prospect tenants have been Section 8 with $1400-$1500 vouchers (rent is at $1350) meaning they more than qualify. However, it could be that they are opting out for more square footage.

The value proposition of the unit is that it's brand new with new appliances. We're also going to offer a discount on the deposit and see how that goes.

Thanks again everyone!

Here's the link.
https://www.zillow.com/homedetails/1914-Herring-Ave-1-Waco-T...

Two to comps
https://www.zillow.com/homedetails/1413-N-7th-St-UNIT-A-Waco...

https://www.zillow.com/homedetails/1614-Bryan-Ave-UNIT-A-Wac...

A couple more thoughts.

1) Comps are best if they are rented not advertised for rent. These comps may sit on the market for months and eventually be reduced in price to get rented. Just like with selling a property an owner can ask anything but what they actually get may differ. Even properties advertised for a price may rent for a lower price. That is the value of MLS listings for comps because the closed price is known.

2) There are different thoughts on what market rent is. In my opinion is is NOT the highest comparable rent you see advertised. Its the rent that you can READILY attract a QUALIFIED applicant and KEEP them AT LEAST 2 years.

Vacancy/Turnover is expensive. So, even if you can get someone to pay a top end price, you will make LESS money if the unit turns over more frequently ESPECIALLY if you are paying a PM etc to handle the turnover.

I agree on the comps, I need to get my hands on rented comps vs advertised comps. Thanks for the feedback Kevin!

1 Vote

Waco, Texas

https://www.zillow.com/homedetails/1614-Bryan-Ave-UNIT-A-Wac...

1 Vote

Waco, Texas

Hello BP community. I bought a new duplex (3b/2b, 872 sqft each side) in 76708 and hired a PM. It's been 4 months and no tenants! We've got well staged photos, lowered the rents to match market comps, and applied for section 8. The PM listed the property on Zillow, Realtor, Rents.com, Apartments.com, and Facebook. PM keep saying it's just been slow, we've had a few showings but no luck. PM says the tenants say the property is too small.

What else could we be doing? Switch PMs? Keep lowering rents? Other options to consider?

Much appreciated, thanks!

0 Votes

Waco, Texas

All Forum Posts by: Luis J.

Luis J. has started 1 posts and replied 3 times.

Post: First Property Not Renting

Post: First Property Not Renting

Post: First Property Not Renting