I am born and raised here in Springfield Illinois.
As far as vacancy's I usually figure 10%. But actually, I bought my first property in 2016 I am on my third tenant. This property has a month or two turn around the second tenant was a little different. This house is in a c class neighborhood and my second tenant was a small-town cop getting a state policy job. so, I was willing to wait for about 10 weeks for him to move in. I asked for one month rent non-refundable deposit to hold it. He turned out to be a good renter.
For the first couple of years, I used craig's list. I am 58 years old, so all this social media stuff is a challenge for me. but, with that said I have had my best results on Facebook marketplace.
I usually want a year's lease.
All three of my rentals rent, like I said within a month or two. It takes me a while because I tell the renter I will decide on a renter in a week or two or three. That way I can have my pick over 2 to 7 prospects. in that time frame. I don't jump on the first OK prospect. I try to keep my rents about $20.00-$50.00 below market rents to get more activity. I will raise rents a year later after they move in and settled.
