I need to rent a house in an mildly affluent neighborhood in the Dallas Metroplex for $2950 per month asap. I posted on CL, but nothing so far. Realtors want too much money at 60-70% of first’s month, and their forms are ridiculous - want me to pay if I sell the property during the lease listing period and she wants me to sign an attorney-in-fact giving her sole and exclusive right and authority to act on my behalf with the HOA (wtf?!). Any advice where I could get the word out quick at this price range?
The forms are negotiable. You put a line through the part that says if you sell the property and she deals with the HOA or you tell her you’ll find another realtor or go with a flat fee realtor to get listed on Trulia/realtor.com. How many realtors do you have in Dallas metro? 10,000? If you’re advertising on the major sites like CL, you’ve covered a good chunk of it.
First thing to do if you need to rent quickly is to make sure you rent is competitive. If you “need” to rent for $2950 but your competition is renting at almost ANY lesser amount, you will have trouble renting no matter how you market the property.
As davewindsor said, getting the major web sites covered is the first step. The next step might be to distribute flyers around the neighborhood. Another step would be to place bandit signs and directional signs at the closest intersections to direct traffic from the closest major roads. Put up flyers in grocery stores and any other public bulletin board. Put the word out to your local Real Estate Investors Club. Think creatively on getting the word to as many people as possible.
I didn’t think redlining was allowed on the realtor forms. Thanks for that!
The house is 3181 sqft, 4/3.5/2, three living, office, pool. Lease comps support .85 to $1 a square around here for 2500-3000 sqft homes, so I’m in the ballpark and I have a little room to play on the “need” side.
I would sell it take the money from the sale and buy some rental houses that will make money. Houses that rent in that price range don’t make money. In Dallas the median income is $40k. That means that 80% of the people are looking for a house that rents for $1100 or less. The percentage of people in Dallas that can afford $2950/month rent is less than 6% of the people in Dallas and the percentage of them that don’t own a house is a lot less than that.
There is statistically no rental market for that house. Just like statistically there is no Americans taller than 6’7” although we all know someone that is, you can’t build a business catering to people taller than 6’7” you also can’t build a business renting $2900/month houses in Dallas.
I second what bluemoon said, I was considering buying some upper end rentals in the dallas market, thank goodness I learned the market first, that would have been a major mistake.
Rentals in the 1100-1250 in dallas are about right, its hard to get a decent house in a decent neighborhood and have it cash flow if your leasing at 1k (but I’m sure it can be done)
make sure you have the best product at the best price and keeping them full is never a problem
you also will find that many of the people renting in the $3k month price range can be horrible to work with,
That sounds like Del there.
yea,you got me
I am curious where this house is located, is in in the Park Cities?
I have some friends that leased a house here in Sunnyvale, it is a 6,000 sq. ft., 5/4, garages for 4 cars, it was listed for sale for $600k,and they leased it for $2500,which will barely pay the taxes and insurance on the property,
It’s in Coppell. My personal residence of 9 years. Will sell later. Just need to rent it quickly to buy another primary that I have my eye on. Like I said earlier, the rent comps around here support this price. I’m asking near the middle of the range per sq. I’ve decided to list it w/a realtor for several reasons including the fact that I don’t have proven lease forms in hand or tenant screening setup.
I have been in real estate a long time. My dad always had rental houses and apartments while I was growing up and I bought houses and duplexes once I was grown. But when I met Del he taught me how to get rich doing real estate. I actually bought a vacation house next door to Del and that is when I met him. He came out of his house to get the news paper after he had a big party on a week night and I asked him what he did and he said he didn’t have a job. You have to understand these are half a million dollar houses. I asked him how he could live here and not have any job. That is when he started talking about real estate. Of course I am a know-it-all and tried to tell him how to do real estate and that is when I found out that he was a BIG MAN in real estate. It was like a little league center fielder trying to tell Barry Bonds how to hit homeruns. After that the rest is history.
Doing it my dad’s way I made a lot of money but doing it Del’s way taught me how to be rich. It wasn’t so much learning real estate it was more how to think like a rich person.
he does know what he is doing, and makes it simple,when I follow his model, I do well, when I move away from it, it bites me,
my problem right now is doing a two step close, the second appraisals have come in lower than the first,causing me to bring money to the table for the second close I didn’t plan on
have you done any multifamily?
Kahrlos
Have you ever landlorded before?
If this isn’t your first choice, DON’T DO IT!
There are always other houses, don’t get hung up on this One that you HAVE to have.
If you don’t like the one you have, sell it, then buy another.
Don’t become a landlord without wanting and planning to be one.
pete
Sounds like pre-marital advice. 