All Forum Posts by: Nat Rojas

@Nat Rojas, price solves everything!  Lower your price.  With it empty you are losing your a$$.

You need to lower to 1000.  People search for properties within ranges.  Your property is probably falling in the 1000 - 1500 range.  If they can go to 1500 they are not really looking at something for 1150.  I don't recall seeing a picture of the kitchen.  Try 1000 and update your pictures.  In my opinion, section 8 in Baltimore would be good but voucher holders want all the upgrades.  Beware of the professional tenant.

I just think you did a cheap renovation and it shows, I mean you painted over wood panel, no granite in the kitchen, old cabinets w no knobs, you didn't open up the space between the living room and the dining room, you didn't tile the bathroom shower, who knows what the vanity looks like and its a 2bd/1 bth with a house in a not great area.  With the amount of competition from other investors in Baltimore, why would they pick your place when other places look much nicer for the same amount of rent? Also, those are very bad pics for a rental.

@Nat Rojas I went through similar issues recently and talked to a number of baltimore landlords who have been struggling to get many qualified leads for their rentals.

Did you sign an exclusivity agreement with this PM? If not, reach out to another one or fire this one.

You mentioned dropping rent prices, and I noticed you only dropped it twice. It would be much better to drop the rent and get someone in there vs the expense of several months of vacancy.

I used a company called Ikos which they have mixed reviews from what I've read but I was fairly pleased with them and would probably use them on my next property.

And have you considered any voucher programs or seciton 8?

@Nat Rojas Thanks for posting question. Great discussion.

I have rented during this time of year with ease. I keep my rents lower than the average to attract a bigger tenant pool and to lower vacancy. With that being said, I think it's the price. Lowering it 50 bucks a clip is a waste of time. Lower it to $1000, you should get a decent amount of applications. If you lower it to $900, I am almost certain it will get filled before the holidays. Even if the tenant doesn't move in, he or she will probably be willing to put a non-refundable deposit down to hold it until next month @$900.

To the point about your pm, next time consider hiring someone that specializes in tenant placement only. 

Let us know how you made out.

I wish you the best.

Peace!!

@Account Closed I understand the point you're trying to make but if you truly feel as though you can't trust anyone, building a big business will be THAT much harder for you.  I'm glad you made sure to state "from my experience."  You are stating absolutes from your own limited lens and neglecting to factor in the thousands of investors who've come before you and solved this.  Sorry to hear what happened to you and your daughter but is every property manager stealing from their investors?  I don't think so.  There are honest people with organizations willing to do the right thing out there.  Will they come at more of a premium knowing their worth? Probably. Factor it into your numbers and navigate accordingly. Good Luck

Unfortunately, in my experience, it's really hard or impossible to make a profit when you rely on a property manager for a property far away from where you live.  I know there are lots of podcasts, etc., that say you can - but - like any business, can you really make a profit when you are relying on a manager far away from your own eyes and oversight?

I mean, really, if you owned any kind of business other than real estate, just to bring the point home, would you expect an owner of a business to do well when he/she relied on someone they barely met once or twice to make them a profit?  Especially when the contract said they could hire anyone they wanted (hello, their pals who give them a kick-back) to take care of anything as long as it was under $250?  My own daughter was royally ripped off by a property management company using that $250 amount over and over an over and over until they blew through her account.

Anytime something is too good to be true - it is.  There is no such thing as a company that makes money without your personal oversight, or at least without employees you personally know and who are accountable to you and who can't profit without making you a profit first.

Live and learn.

If it's syndicated to the major sites , the breakdown is either in the price being too high or the agent not managing lead flow correctly.

@Nathanael Rojas

To answer that it is probably best to look at the comps that are closing, but my guess would be maybe March. Definitely April.