All Forum Posts by: Tyler Peters

But should they need to carry $300,000 in liability?  It seems like overkill.  When I have rented places in the past, I've always been encouraged to carry renter's insurance to cover my personal belongings, but never been required.  Regardless, I think Jean makes a good point that it should be mentioned in the contract, not the listing.  It could be scaring people off.  

Thanks Jean - someone else made that point as well. I am speaking to the property manager about it because you're right, it doesn't make sense and is overly harsh.  I have that insurance as the owner, so I don't know why the renter would be expected to carry it.

Thank you to everyone who replied.  I have messaged a few of you directly with the link, rather than posting it publicly.  I also put some answers to Bill S.'s post in my previous post, and I think that answers most of the other questions on here.  

Most of you seem to be suggesting looking at comps.  Here is a link to a search of 2BR/2BA in the area, and mine is one of the only listings under $1400/month (mine is currently listed for $1275, not $1250 as I had said in my initial post).  That makes me think that it should be attractive.  

I really appreciate all the advice and replies!

Bill, thanks for your detailed reply.  Here are the answers to your questions:

1) The property is listed on multiple listing sites, including Zillow, Hotpads, and Craigslist.  I'm not sure if they are filling other properties.  There have been calls and showings, but the main feedback is that the bedrooms are too small for the price.  

2) The initial price was mostly a combination of comps (there are few 2BR/2BA in the area, and none below $1400/month) and the finishings.  It has a newly renovated kitchen with granite countertops, a washer/dryer, granite fireplace, and a renovated bathroom upstairs with a granite tile shower. 

3) Here is the listing if you want to take a look.  The current price is $1275/month.

4) I asked all the property managers for their independent opinions and didn't give them a range that I was thinking, so I think it was fair and unbiased.  They were all working off of pictures, not walkthroughs, so that might have something to do with it.  However, the manager I'm using still thought $1250-1500 was the right range after walking through in person.  He recommended starting at $1250-1350 due to the season, and I decided to try for a little higher at 1425, so that was my fault.  But I don't know why the estimate would go down to $1200 so quickly.

Thanks again for your help.

Hi all,

I just bought my first investment property last month, and I'm having trouble getting renters interested in the property.  It's a small 2BR/2BA, about 820 square feet, just outside of Denver, CO (in Wheat Ridge, about 15 min drive from downtown Denver).  I don't live in Denver, so I'm using a property manager.  I checked with 4 or 5 property managers before deciding on one, and they all gave me rental estimates of 1300-1400 per month.  I settled on a manager who has been marketing the property for about 3 weeks, and so far I have zero interest.  I started asking 1425, then dropped to 1325, and just last week dropped it to 1250.  The property manager is now telling me they don't think I can get more than 1200.  

I don't want to make a rash decision and drop the rent to below market, but I also don't want to leave the property vacant.  Any tips on how I can get more interest?

If you want to see the listing, please reply and I'll post the link.  Thanks very much for any help or advice!