All Forum Posts by: Wes Shaw

I didn't want to line list each individual who has given feedback since there has been so much but didn't want to think it was going unappreciated either. So I appreciate you taking the time to respond everyone. Great feedback from everyone. Thanks guys. 

@Jason V. Thanks for the feedback. The more feedback I get the better  so keep it coming. 

Here's where we are at with the rental. We live in a small town (only a town of 1300 with 2 other small towns of the same size within 5 miles / Dallas-Ft. Worth area is 20 miles away). It is lower to lower middle class. We felt comfortable based on all factors asking $1100 per month which is at the very high end of the rental market in the area.

Well we posted it yesterday and had to pull the ad because the responses were overwhelming and already set up 8 showings for this weekend. The one thing we knew going in was that there are literally no rentals in the area so some type of demand would be there, but again being at the high end of the market we didn't expect this much. 

We haven't vetted/received applications from anyone so none of these potential applicants may be any good. Time will tell, but I (and my realtor who owns rentals) now feel based on response along that I have shorted myself $50-$100/month in rent. I feel like not knowing the applicants these 8 showings will turn into plus we have already advertised the price, it would be in bad taste to raise the price at this point. Although I would be lying if I said I wasn't tempted. 

Sorry for the long story. Thanks again for the feedback. 

That does help. Thanks @Paul Amegatcher

Awesome @Wade Sikkink Thanks for the additional feedback. I think since this is my first rental and I only live 1 mile from the rental that I will not shun prospective clients who may not qualify or are just nosy. However, I am capping the number of showings I am doing to about 8 this weekend. Then I can set up more if I don't get a tenant out of the deal. I love the idea of showing only to qualifying applicants, but I am so new at this I don't think it will hurt me to meet as many people as possible just to learn as much as I can about the process, dealing with potential tenants, etc.... However I will definitely being employing that tactic down the line. Thanks again. 

Thanks for the feedback everyone. This has helped tremendously. 

@Wade Sikkink Based on a comment above, when I show potential residents the house, I am going to have a handout which outlines my criteria to weed out potential tenants that aren't ideal tenants for me. These include no smoking, renters insurance is required, I do background/credit/rental history checks, etc..... in that criteria should I include the >3x rent? In my head I was using that as a criteria, but didn't know if I should be that open about it with the tenants right off the bat.

Thanks @John Thedford Great info

Great feedback. 

Thanks @Cesar Torres I am going to do that right now.

Hey guys, looking for some advice. I just closed on my first rental last week. The sellers move out in 3 days. My wife and I went ahead and posted the house on the community facebook page a few hours ago and got tons of responses back. I have already set up 3 showings and probably feel like I can set up another 4 or 5. My question is how do you fairly choose your tenants? I understand that the background check, etc.... may cull out a few of them, but all things being equal do you guys go by feel or priority based on the order they contacted you? Would love to hear any advice. Thanks in advance.

Hey @Bret Holloway welcome to BP 

Signed, 

A former Red Raider who is wishes he was still in Lubbock.

@David Faulkner Really appreciate the detailed response. This makes a lot of sense to me. I have been looking for a RE mogul in the area, but haven't found one yet. I am going to keep looking until I uncover someone.