lack of calls from rent ads

[nextsean]

thanks for the tip Tami,

as I mentioned above, I have not mentioned that I require first, last, and security deposit.  So possible tenants are not deterred by that.  It must be something else.  

Maybe the problem is that they cannot actually go look at the property since it's gated community.  I have the rental signs on the major streets outside of the community.  Obviously it doesn't make much sense to put the sign up on the front yard.

[black95gt]

what do you guys do if you get a bunch of applications that all qualify to rent out the house. Can you get into like "auctioning off the monthly payment" or if you have say 5 good tennants that you accept their application, which one do you accept?  Im not in this situation, but was just wondering how you all work this out.

[sybadon]

i alway's rent to the blonde's......

[kdhastedt]

We take all of the applications and make a list of PROs/CONs of each...use criteria like FICO scores, income, etc. then factor in general impression (I'm usuallly about 99% right on first impressions), ability to maintain the property (one of my recent applicants was in her 80s -- she's probably a great housekeeper but may have trouble with the yard work, etc.)...we also usually (not always) give a plus up to the military folks.

Keith

[nextsean]

oh man... would I wish to be in that side of the table, having to chose which one I want to pick.

It doesn't look like a good start on my first investment property.  It's discouraging.

[d_sbrown]

nextsean,
Hang in there.  Remember whatever don't kill you makes you stronger, right.
Most of these guys are good at what they do because of learning experiences like you are having.  You are learning very good lessons too and have found a place to teach you what you need to know.  Next time will be easier, the next better still.  Working through a tough one will give you confidence that you can make other deals work.  Look down the road and focus on you goals, then look down at your obstacles and find ways to beat them.

Trials are great teachers,

DB

[nextsean]

thanks for the encouragement.

I don't mind going through this.  What's bothering me is that I don't know what I've learned so far from this besides making the ads more exciting.  Unless I'm missing blaringly obvious mistake I'm missing, I don't know what lessons I can take to the next try.

[Emperor_Earth]

Military members (all services) draw a Basic Allowance for Housing (BAH) which is driven by their pay grade (rank) and the gerographical area they live in.  I am assuming that this is the Tacoma area, so you have Fort Lewis and McChord AFB.  As a sampling here is what some of them make for housing:

E-4 -- $974
E-6 -- $1271
E-7 -- $1349
W-2 -- $1385 (the USAF does not have this rank!)
Captain -- $1485

These rates are to cover all housing expenses, including utilities (I never had housing allowance fully cover the expenditures).

I would recommend that you try to go on base to the"housing Referral Ofice and post your listing there.  For the listing, you'll probably need the address, the information on the house (size, ammenities, etc.), the schools (elementary, middle, HS) that kids living there would go to, and at least one good picture of the property.  Ft. Lewis and McChord will each have their own housing office.  You'll probably have to sign some "non-discrimination" paperwork but it is common-sense stuff and I'm sure that you're doing the "right thing" anyway!

I gotta stop giving away my best secrets!  Robb sells his!  LOL

Keith

Great idea Keith:D So glad I'm reading all the archives, never know when you might find a gem.

[Oklahoma Investor]

Check out www.ahrn.com to advertise to military tenants for free!

[propertymanager]

nextsean,

I don't know if you said where you live, but in states with winter, the rental activity drops off significantly during the winter.  Nobody wants to move when it's 3 degrees!!!  I normally get 30-40 calls per day from applicants.  This week, I've been getting about 5-6 per day.  That's just the reality of the business.

Good Luck,

Mike

[Funder]

This is an interesting thread with points that I haven’t seen before.  The reality could be that you are asking too much for rent.  I have found that when everyone who is calling has bankruptcies or bad credit, that these are folks who don’t care if you are overpriced by 10%, because they never look at their budget, and they don’t care about expenses.  I’m sure that population density plays a role with how many calls that you get, but if you are priced right, the place should rent.
Keep in mind that one eviction or one bad tenant could cancel years of rental income due to attorney’s fees or repair costs.  I would rather lose one months rent keeping a place vacant, or lose $100 per month in cash flow than wind up with $15,000 damage to the property and three months lost income from a deadbeat tenant and $500-$1,000 in attorney’s fees to evict.
One technique I have used in the past to get a place rented up is to reduce the rent by 5% every week.  If you are priced fairly, you can always raise the rent later.
I also look at similar properties in the area of the rental.  If you were a tenant, and you could rent a much nicer place to live just down the street for less money, you would do it right?

[kdhastedt]

nextsean,

I don't know if you said where you live, but in states with winter, the rental activity drops off significantly during the winter.  Nobody wants to move when it's 3 degrees!!!  I normally get 30-40 calls per day from applicants.  This week, I've been getting about 5-6 per day.  That's just the reality of the business.

Good Luck,

Mike

3 degrees???  That would be a heat wave here!  It was -13 on Tuesday and -3 this morning!

Keith

[d_sbrown]

Hey Keith,

     Where you been?  I haven't seen anybody referred to as "Scooter" lately!          

DB

[kdhastedt]

I've been around but got laid off and had to move for a new job...!  I'm inching closer to you...I moved from Colorado to Wyoming.

Recently, folks have been behving and haven't waranted me throwing the "Scooter flag"!


Keith