All Forum Posts by: Matthew John

@Natalie Schanne I'm super motivated to get it rented & do showings, I just get a little bit down when people put in an application and call a few hours later second guessing it & wanting their money back. I'm on all of the above websites with good pics & descriptions. (I think) Here is my listing, would you mind giving me honest feedback - https://www.zillow.com/homedetails/7319-Wiegand-Center-Line-MI-48015/83476201_zpid/ I prescreen every message to make sure they qualify on paper, the problem is getting them inside and then converting that to a successful application. I've done roughly 10 showings. I've scheduled roughly 20-25 appointments. I've gotten 3 applications. 1 didn't qualify after the check, 2 decided not to move forward shortly after doing the application because it doesn't have Central Air & the other has 3 dogs and thinks they'll be too loud for the other tenant upstairs. Originally I wanted no pets, but almost everyone has a pet so I opened it to dogs, no cats still. The house beats every other one on the market near it & people have loved the house. I've gotten some hesitation that it's a duplex, no central air, and shared washer/dryer & basement. Everyone that messages me, I talk to and pre screen. Every Zillow lead, I call & do not email. Any suggestions? Thank you

@Bjorik Mutize I just do not see a point in wasting $1000+ just to get them to rent it when I can do the same thing myself & I gain experience by meeting potential tenants and doing all the paperwork.

@Clifford Paul This was my first thought. Ironically, it back fired. I had 5 interested people and told them I was going to do an open house. Turned out, none of them showed. I've gotten about a 50% success rate with people showing to their appointment. I have had 3 applications. 1 had too much debt. 1 called shortly after applying saying they don't think they want it because it has a window AC unit and not central air. The other had 3 dogs and thinks there will be an issue with them barking and disturbing the upstairs tenant, they backed out about 2 hours after submitting an application. So far I'm still looking. I've done about 10 showings with people showing up and probably scheduled 25 appointments total.

@Ericka G. Thank you! I have it posted on Zillow Rental Manager and have gotten a decent amount of leads from Trulia and Zillow, none from Hot Pads. 

At first I was saying no pets, but it turns out pretty much everyone has a dog so I'm trying to be flexible. I lowered rent to $975 on FB and it's $1000 everywhere else, I'm getting roughly equal leads. 

I added Internet to the rent as an extra incentive over the competitors, but yes winter is quickly approaching and I'm getting anxious. I have roughly 15 appointments this week so far, not all of them show/most want to reschedule. 

Is it smarter to do a 6 month lease to get off winter cycles and then renew 1 year+ starting from spring? Is it normal for you to wait 1+ weeks to get a unit rented? I feel like it's not that long but also feel like I'm not getting a lot of luck with quality people.

@Theo Hicks Thank you! Great info. I appreciate it

@Theo Hicks Thank you for the valuable info! I feel it might be hard to convince someone to sacrifice their credit with very little equity on the line when targeting SFH & smaller multi family units. When you do larger MF deals, how does the credit partner work? Certainly someone won't qualify for a commercial loan easily unless they're making multiple 6 figures. Do you have to bring in multiple credit partners?

@Joe Hines Without being a REA, can I post my property for rent on the MLS?

@Theo Hicks @Theo Hicks Wow great insights and that's much less than expected. My credit partner has been a friend for 8 years. Doesn't own any property & currently has an 80k/yr job in the Midwest. I have a small selection of private lenders I'm seeking out. I figured it would be about 10% paid to them as Interest. I figured the credit partner would be 30% of the deal and I would get 70% for finding, managing, and doing all the grunt work. I'm unsure on the difference between nonresourse and recourse, but I'll take that to google. I'm also curious if you continue looking for deals under current market conditions. Here in Michigan, I'm starting to see the tides turn a little where inventory is rising and homes are staying on the market longer. More people are trying to sell & less bidding wars are going on. If we're about to turn the tide, do you continue seeking deals or hold off while the market plays out knowing property values could decline?

@Antoine Martel This is my first rental duplex so a PM wouldn't make sense right now since it's completely manageable and I want the experience. As far as numbers, I'm trying to rent the bottom unit for $1000 (water & internet included) and the top is $600 (water and internet included). I paid 105k and my mortgage is $864. I can do the PM on there eventually, but I'm still kind of a noob looking to gain experience before scaling.

@Joe Hines that's not a bad idea, but there's some more upfront costs to marketing. What websites do you post on? I've posted a couple times on Facebook Marketplace and there's where I've gotten 70 messages in total, but everyone either no shows the showing or doesn't meet criteria. I am on Trulia and Zillow and getting 1-3 messages per day from there, but no luck with a for sure tenant. Is there any big website I am missing?