All Forum Posts by: Patrick M.

I am coming up on the 1-month anniversary of my listing.  We started at $2k and have dropped down to $1850.  My initial research indicated a rent range of 1800-2000.  We are currently priced below (approx $55) the luxury apartments just down the block.  

Looking for any tips or advice to generate more interest especially to find a quality tenant.  I've had about 20 showings and only 1 returned application.

Listing

@Jay Garrison  I have only had a lower price for a day and I did it on a Monday so haven't had anymore responses yet.  Based on the feedback from to prospects price seems to be an issue.  Although I will say I'm very happy one of the prospects gave me the feedback she did because it showed my how horrible of a tenant she would have really been. 

I'm $100 over the nicest 3bd duplex in the area vs. my 4bd SF.  My market research indicated a rental point between 1800-2000.  I tried 2000 and now lowered it to 1950.  Will adjust SLOWLY until the right tenant comes along.  I put a lot of manual labor into this to waste it on a poor tenant.  

@Jay Garrison I'm going through the same.  I adjusted my price down $50 to try and encourage fresh leads.  I've also reached out to people who I thought were good candidates to try and get some feedback, although haven't gotten a response yet. 

My screening process is very similar to yours.  I haven't done multiple showings at once but do them typically on Wednesday in 30 min (going adjust to 15 minute) increments.  I like being able to talk to the prospects 1 on 1 and get a feel for how they are.  A mass open house wouldn't allow me to do that.  

My listing currently allows pets.  I am doing a $25/month per pet fee (limit 2).  Want to meet the animal and will ask for paperwork showing shots, etc.  So far most people seem gracious about allowing animals. 

I own a dog myself so it's hard to say no pets then go home and look my dog in the eye. (THEY KNOW!!!) 

@Turo Tales thanks for your service.

@Joe Villeneuve is right about formulating a plan.  I haven't been here long but find Joe's posts very refreshing.

In my area 150k would get you a down payment on 2-3 single family homes in B/B+ neighborhoods with good school districts. Probably closer to 2 homes with leftover money going towards rehab costs. Depending on your buy price you can clear 4-500/month on these homes after PITI self managing. So $1000 on 2. Not a game changer initially but reinvested you can continue to scale SFR. If that's what interests you.

There is also your non RE life to consider.  Do you and your wife make good money? How much consumer debt do you have? Are you savers? Do you spend intentionally? Do you have/want children? How long before you want to retire? Do you want active or passive real estate?

@Jim Cummings I was thinking similar for your A,B,C scenario.  I have already evolved to listing criteria, then more complete criteria in an email when I send over an application, so prospects have another opportunity to review anything we talked about or might have missed before sending the app.

Seems like a lot of questions get asked at showings and items don't always get verbally stated when going off topic.

Then we have our final internal criteria once we get a completed background/credit check. 

I have it down in a folder on my computer now.  And it certainly has evolved already.  Thanks for the help.  

@Adrienne Donner I've found 2 things to be true when it comes to DIY.

1.  Pros almost always work in pairs.  Meaning one guy is measuring and cutting. One is installing. One is cutting and back rolling, the other is rolling.  FIND A KNOWLEDGEABLE FRIEND with the same quality standards you have to help.  Everything goes faster and pay your friend a couple bucks instead of a contractor. 

2.  Splicing in/patching etc usually causes more problems.  Essentially it comes down to prep work.  I did my first major drywall job and looking back my BIGGEST mistake was not taking down ALL the original drywall in the kitchen.  Instead I tried to blend and shim 1/2" drywall to the previous 1/2" drywall plus 1/2" (give or take) plaster.  I'm willing to bet any pro that would have quoted would not have touched that job without starting with new drywall throughout.  In the end I caused myself more problems and sloppy mud because I was trying to blend uneven surfaces.

I would like to graduate from a lot of DIY jobs but I think having confidence in knowing that you are capable is a good thing.  Know when to quit and what your time is worth though.  A good contractor is worth their weight especially if sophisticated or expensive tools are involved.

@Ezekiel Stroupe.  I recommend HomeRenovisionDiy on youtube.  I'm not affiliated he just posts videos of common problems in easy to understand ways.  As always you have to double check codes (he's Canadian) and there is always ways to do something better, cheaper, etc.  The general concepts he offers are good though.  

@Michael Noto could always change the ad to 3 bd and office! haha.  I'm shifting more to the "nothing matters until you have a completed ap" mindset.  Appreciate the input

@Curtis Mears thanks for response. no apps yet. I’ve read so many articles about screening before, even getting an app that I was trying to figure out how to make that all work.

I have some of the criteria posted online without scaring people away and have been doing phone calls. In this market with limited decent options I think people will say/type whatever it takes to at least get a showing.

Once I get an app obviously I’ll find out more or if they were telling the truth from the phone call.