Property management is in place. Things are looking good.
I got lucky with this property because it's in great shape. Really, all that needed to be done was general cleaning ($250) and I had to replace a broken window in the garage ($136). There are a couple additional minor repairs I'll take care of later, but they are not a major priority right now. I need to get this thing on the market ASAP and avoid a long vacancy. My first mortgage payment is due in a month!
First thing first: get a professional photographer in there. My new property management company knows how to get a house rented. And first impressions are key to potential renters. High quality photos are a basic marketing tool you need to understand.
As you can see, the property does need some interior updating, but I'm not worrying about that right now. It's clean and has great bones. Next up: setting the rent price. If you recall, the previous tenant was paying $1,000 a month. So when I decided to acquire this property, I ran my numbers based on that rate. However, there was indication from local research and data that I could get a little more. So, I'm taking a little chance.
I'm setting rent at $1,050. An extra $50 a month would be great and I feel it's smart to take this risk. If there's no traction in a week, no interest or applications, then I'll re-assess.
-Getting your property cleaned up and ready to rent ASAP is key. Vacancy is one of the largest expenses you'll have, especially if you have a mortgage.
-Excellent marketing is crucial. Post high-quality photos of your property so potential tenants get a great first-impression. You need to make sure your property is highly attractive.
-Setting the correct rent price can be difficult, but talk with local Property Managers and agents and get their thoughts.
This rental property is now officially out in the world and online! Let's get it rented!