All Forum Posts by: Lyndal McMurphy

Another one I thought of... I make an effort to get to know the neighbors around my properties and I make sure they have my number.  Primarily so they can let me know of craziness going on at my properties, but I've also gotten a few leads from neighbors that have called me about other houses available on their street, etc.  And they know I will take care of the property like I do my current ones.

@Julia Fair I usually just start the conversation with... I have a house in the area (or are looking at some) and curious what kind of luck are having finding good applicants, if they expect to get the amount they want, how long it usually takes them to get it rented, etc.  But find ways to add value to them too. I like to share my experiences with different types of listings... yard signs, facebook posts, craigslist, Zillow, etc.  And be helpful! I had a conversation with one lady who just had a couple of properties and no experience listing her properties online, so I talked her through pros/cons of Zillow, craigstlist, etc and even sent her an email with links, etc.  She was very thankful and that was enough for me.  It's good to do it just to be helpful, but it often comes back to you at some point too. Call it the "universe," karma, or whatever you like.  :)

I called one for-rent sign and told them about some applicants that looked good to me but I had just rented to different applicant. The landlord was extremely appreciative.  (Of course I didn't share the details of the applicant - I just asked if I could give them the landlord's number.)

But anyway... you never know where a conversation like that might go... they might be interested in selling, might have other properties, will remember you when they do want eventually want to sell, might refer applicants your way that aren't a good fit for them, etc etc etc.

@Felix Torres I was saying watch for other for-rent signs and call them to make connections and learn about the market.  I've done that quite a few times and have yet to receive a hostile response.  A few not-so-friendly, but nothing angry.  And about 1/2 turn into very worthwhile conversations.

Also... even though I haven't landed a deal with this yet... I call for-rent yard signs I see a lot and have had some very good conversations with other investors and even a couple of elder folks that owned some rent houses that they didn't seem to really want anymore (but weren't ready to let it go for the price I needed).  

And let everyone know you're interested in buying real estate!  I bring it up every chance I get without being annoying.  2 of my last 4 purchases have started with someone pulling me aside and saying "I know you buy houses..."   One at church and another while she was cutting my hair!  And another lady in there cutting hair the same day wants me to talk to her about maybe buying her parent's house.

There was very similar talk on a recent BP podcast about making sure everyone knows you are in the business. I can't remember if it was suggested in that episode or if my mind was going afterward and got the idea, but I'm going to even get some business cards made that I can give to people to let me know if they run across any deals and I can share a .5% or so finders fee. Hopefully I'm not breaking any laws there since I'm not accredited or licensed agent or anything... hmmmm....

But lastly, another good point they made on the podcast... you need to be someone known for following-through and making deals happen!

People do this all the time though, right?

First… Is there a difference between just also putting them on the lease and then being a “cosigner”?    I just put them both on the lease and do a full credit and background check on both of them. I’ve done this a few times with Young tenants that just don’t have the credit or don’t have a lot of credit history yet. 

Secondly,  it wasn’t a whole lot of extra work and I have a back up person to go to to collect rent if needed. This feels like an even better situation to me  more security, etc.  I like it. 

 I had a situation recently where a young tenant was not working out and not taking care of the property and I called up his mother who co-signed the lease and said I was going to have to do an eviction.  Of course she did not want that on her record and she was able to convince him to move out quickly and not trash the place. He would not listen to me at all. So this was another benefit of having one of the parents on the lease   :)

I can only comment on electronic signing.... I use/like dochub.  It's $10/month, but I use it for non-rental stuff too.  I'm not sure if they have per-document cost plans or what.  There are other online-signature options too I believe.

The consensus was not so much that it was a price issue. I'm being somewhat picky since the property is newly renovated.  Additionally, some tenants are probably getting away since I can only show on the weekends. Also, a few suggestions to put out signs in the area. Some asks if I'm considering a property manager finding a tenant. And lastly, encouragement for taking my time to find the right tenants.  It's just tough because due to various reasons the property has been vacant almost a year. Party my fault.

Thanks for the response @Lisa Williams.  I have rented to a TU students over the years but not a lot actually. I think there was a handful that applied before school started but now that window has closed. I've owned it About 10 years. But I recently just had it renovatedSo it rinsed to a different class of people now I think. I do actually have a realtor for some other activity and have some comps. Thank you for the offer though!  In doing some research today and getting other advice I do believe it is fairly priced.  I just need to keep looking I think. I was just wondering if I other people felt like things have slowed down or If I'm just not being patient enough. I'm being fairly picky about background activity (mainly bankruptcies and evictions) and pets, so that's not helping.