Simple Rental Question

[2bFree]

I'm kind of new at this so forgive the simple question.  

Typically, when is the best time to run classified ads for rental homes in nice residential neighborhoods?  Just the weekend/Sunday, or every day continuously till it rents?  

And is this a slow time of year for people renting homes?  I'm getting very little response from the current ad.

The home is in the Denver suburbs.

[tedjr]

Howdy 2bfree:

Some papers give a discount for all week long ads and it may not be much more than Sunday or Saturday and Sunday. I would at least do Saturday and Sunday.

Yes the new year is slow. There are not as many people trying to get in their new home by Christmas as you may think especially at this late date.

I believe Denver is slowing down too but you may want to ask REO Consultants.

[SRC]

If you do talk to REO, please throw the response out here.  I am in Denver as well, and I am looking to take the real estate plunge in the next month or so.

Thanks

Stan in Morrison

[2bFree]

"I believe Denver is slowing down too but you may want to ask REO Consultants"

OK, here's how new I am at this.  Is REO Consultants a person, a company, a new name for an old rock band?  

(sorry for the bad joke that anyone under 40 probably won't get).

Thanks!

[SRC]

REOconsultants, is one of the people who posts often, is a moderator, and is a wealth of information.  How's that for props?!

Stan in Morrison

[reoconsultants]

That is Great for props!! LOL

Denver's rental market is way slow! To say the least..

I would say run it everyday until it rents!

The crazy thing about Denver is you have to keep up with the trends of the market there are so many apartment complexes running three months free with 1 year lease that most people lean that way.

Here is a great tip go to the apartment complexes closest to the property and in the mailbox area they have advertising areas put up signs that say LETS TRADE YOUR APARTMENT FOR MY HOUSE!!

The other thing here is to use www.craigslist.com to run a FREE AD!

If you have a possible tenant do a credit check. Look for judgements if they are a persons name search property by the persons last name on the judgement and see if you can find  them that way I have had people in the past as well that say this is my last landlords name to do a check and see a totally different name. I also am  making a site that will have a  name  check to look into past evictions

Also the other thing I suggest is to call property managers in the area there are some in this area that will do it for 6-8% do to business slowing down! If the rent is 1000.00 per month it is well worth the 60-80 bucks..

[SRC]

REO,

Thanks for the good info. I did not realize that any property managers were working for that small a percentage.

Stan in morrison

[reoconsultants]

Do what  you do best and  outsource the rest!!!

If you were to go and manage your own property and look for deals it would cost you money not save you money!

Here is my thoughts on that.. Every time you sign your name to a piece of paper for the mortgage company who is responsible?

Right you are!!

NEVER PLAN ON ANYONE PAYING THAT NOTE FOR YOU...

So how I see it if your mortgages for your rentals come to $25,000 per month you need to make that much to cover those bills. NOT YOUR TENANT!

Sure I count last months rents as income but that is irrelevant until that money is in your account and cleared the bank!

And if you are going to lose your A$$ BUY MORE BUY MORE BUY MORE!!!

[SRC]

Everything you said made sense right up until here:

"And if you are going to lose your A$$ BUY MORE BUY MORE BUY MORE!!!"

What do you mean by that?  I feel like I just missed something essential.

Stan in Morrison

[reoconsultants]

It seems the more I buy the more cash flow I make! LOL

Also if I needed to come up with 50k real quick to make mortgage payments I would buy another house!

do a tara grant and get that money at closing!

[SRC]

Well I guess I'll show my ignorance again.  

What the heck is a "tara grant".  I googled it, but did not see anything relavant.

Stan in Morrison

[reoconsultants]

I found nothing under google either I was going to post that info..

Basicly the seller will donate the money to the grant office and at closing it is released directly to you as the buyer. I have no idea how it is set up I do know I have signed a few... I will scan and e-mail a copy of one to you Stan!

There are a few ways to get money at closing this is a great Legal one!! LOL