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I just bought my house in Syracuse NY in Jan 2013 and had no intentions of leaving the area. Unfortunately, things regarding my job happened beyond my control and I ended up getting a new job in Philly. I just moved down here a week and a half ago.
I weighed my options, talked to many people, and ultimately decided that keeping my house and renting it out was the best course of action. My house is in a highly desirable area that rarely has rentals (especially single family homes) available. The problem is, this is the worst time to list for rent as no one is looking to move.
I have hired a property management company that is handling everything for me since I didn't want to be an out-of-town landlord nor did I want to deal with the property management responsibilities on my own. The house has been listed for a month and only one couple has come to view it....and I found them, not my PM co. The house is listed on all the websites and there's a sign in the front yard. I have emailed friends, family, neighbors, posted on Facebook, posted on forums, anything I can possibly think of.
There have been a few inquiries but it is only people wanting more info, not anyone looking to seriously view the house or anything. I just talked to my PM company and will be offering free rent for January to see if that can move it along.
I'm double-paying my mortgage up there and my rent down here in Philly. I really need someone in there by February 1st otherwise I will likely have to dip into retirement savings to keep myself afloat this way.
The main reason I chose not to sell the house is because it took so long to sell to me. It is a great starter home but has sort of an awkward floor plan which is why most families were turned off by it. The seller listed it off and on for 2 years before I bought it, and I was the only offer at the time. The house is in great condition, all of the major systems are not even 10 years old, roof is good, all that good stuff.
Does anyone have any suggestions for getting it rented? Or at this point should I seriously consider just selling it? Anything else I can do at this point?
I just bought my house in Syracuse NY in Jan 2013 and had no intentions of leaving the area. Unfortunately, things regarding my job happened beyond my control and I ended up getting a new job in Philly. I just moved down here a week and a half ago.
I weighed my options, talked to many people, and ultimately decided that keeping my house and renting it out was the best course of action. My house is in a highly desirable area that rarely has rentals (especially single family homes) available. The problem is, this is the worst time to list for rent as no one is looking to move.
I have hired a property management company that is handling everything for me since I didn't want to be an out-of-town landlord nor did I want to deal with the property management responsibilities on my own. The house has been listed for a month and only one couple has come to view it....and I found them, not my PM co. The house is listed on all the websites and there's a sign in the front yard. I have emailed friends, family, neighbors, posted on Facebook, posted on forums, anything I can possibly think of.
There have been a few inquiries but it is only people wanting more info, not anyone looking to seriously view the house or anything. I just talked to my PM company and will be offering free rent for January to see if that can move it along.
I'm double-paying my mortgage up there and my rent down here in Philly. I really need someone in there by February 1st otherwise I will likely have to dip into retirement savings to keep myself afloat this way.
The main reason I chose not to sell the house is because it took so long to sell to me. It is a great starter home but has sort of an awkward floor plan which is why most families were turned off by it. The seller listed it off and on for 2 years before I bought it, and I was the only offer at the time. The house is in great condition, all of the major systems are not even 10 years old, roof is good, all that good stuff.
Does anyone have any suggestions for getting it rented? Or at this point should I seriously consider just selling it? Anything else I can do at this point?
Thanks in advance for any help!!
Pay for the services for a real estate agent or drop the price.
The problem is, this is the worst time to list for rent as no one is looking to move.
You said it. This is not an optimal time to sell your house either. You will either have to slash your price in order to rent or slash the price in order to sell.
If I were you, I'd cut the price and do a six-month lease just to lure somebody into the property. Then raise the rent to market price in the summer, if the renter oblige great, if not, summer time is easier to rent out.
Thanks everyone! I just talked to a realtor and she is going to go check out the house and get some info for me. I explained to her my situation and that I need to be realistic and look at all options at this point. Worst case scenario if the house still doesn't get any bites after free rent for January, I will drop the rent and look at doing the 6 month lease (good idea!).
Know the rent laws before you turn it into a rental. Do you know if there is any type of rent control? Also if you do find tenants for 6 months, will they be as clean as you? Will there be pet hair all over the place? Yard torn up? Will it end up smoke filled, food scents, worn hardwood floors? Your place would still need to be priced right,
If you do go though an agent, make sure you know if the management company will still gets a cut.
Also you might want to change your insurance to a rental unit property
Did you increase your rental fee to cover what you would have to pay a property manager? If so, that may work for you, but, renters are unlikely to be willing to pay the upcharge. Rentals in most parts of the country are doing very well because the banks are actually starting to take action on foreclosures.
Know the rent laws before you turn it into a rental. Do you know if there is any type of rent control? Also if you do find tenants for 6 months, will they be as clean as you? Will there be pet hair all over the place? Yard torn up? Will it end up smoke filled, food scents, worn hardwood floors? Your place would still need to be priced right,
If you do go though an agent, make sure you know if the management company will still gets a cut.
Also you might want to change your insurance to a rental unit property
Yes, I am well aware of the rental laws in my area. I researched for a few months beforehand. I have been on board with my PM company for 2 months so know what their cut is. And I have my insurance taken care of as well.
Quote:
Originally Posted by jghorton
Did you increase your rental fee to cover what you would have to pay a property manager? If so, that may work for you, but, renters are unlikely to be willing to pay the upcharge. Rentals in most parts of the country are doing very well because the banks are actually starting to take action on foreclosures.
Quote:
Originally Posted by Arthur Digby Sellers
Have you compared what you are asking in rent to similar rentals in the area?
Does the property management company have it listed on the major MLS sites?
The monthly rental payment covers the escrow account, management fees, and a small profit. It is in line with rentals in my area, but I am considering dropping the rent as another option. Yes, it is listed on the MLS sites.
Quote:
Originally Posted by cully
It's a long winter up there.
Have you thought about rent or sale, whichever comes first?
I just talked to a realtor today and will be moving forward with the potential sale if the rental doesn't work out.
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