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In regards to suggestions of lowering the monthly rent, I can't do that because I'm just covering the mortgage and HOA bills as it is.
-Ben
Ben, I'm math challenged so help me out pls.
If you had borrowed twice the amount of money that you did, and paid twice the monthly that you do, would you need twice the amount of rent that you're asking for??
j
In regards to suggestions of lowering the monthly rent, I can't do that because I'm just covering the mortgage and HOA bills as it is. I'm asking $1,100 but my neighbors a year ago were getting $1,300 a month!!
I looked into a management company but they get you in the wallet big time and I can't afford to pay them 20% of the rent every month. I like being the landlord and working with the renters should a problem arise. Plus renters realize they are paying you each month, and less chance of them not paying because the see the mgmt. company as someone "that has enough money already."
I have always had great experience with my other rental property but the market has really taken a turn in this economy.
I am holding an open house this weekend on Saturday and Sunday from 10am to 3pm. I am keeping my fingers crossed and saying a few prayers!! I will include the link to my house's ad at the bottom of this email if someone would like more information. I have even uploaded a video tour!!
Thanks everyone for your thoughts and have a great weekend!
-Ben
This is what my friend is doing...for her townhome she needs 1500 a month and is renting it out for 1300. She has to cover 200 a month on her own but at least she feels good about her tenant and has most of it covered. It is tough...sorry. Sending you some good vibes for the Open House!!
Since you already have rental properties then you already know about the market - it's terrible and if you can get a tenant in well and good. Look at it this way, if you keep your rent quote at what you want and it doesn't rent for 3 months you will have spent over $3000 on your mortgage and hoa fees. If you drop the rent by $200 a month it will take about 15 months to reach the same $3000. At 12 months you can see how the market is and probably renegotiate the rent. It's obviously not your primary residence and you are in the rental market so treat it as a business and not as the condo that you may have spent so much money on.
I forgot the link: 2ba- Large townhome -Open House this weekend & video tour available!! (http://charlotte.craigslist.org/apa/1274364204.html - broken link)
You're going to need to lower your price. 1) you're in an OK neighborhood, but it's not in the most desireable part of that area. You have a lot of competition from Ballantyne and South Park. 2) Apartment complexes have seriously slashed their rates and with good credit, don't require security deposits. 3) The market is horrendous. Try going down to $950 to break that $1000 psychological barrier. I bet you will get a lot more activity. 4) I don't think lowering your price is going to invite trouble. Good people typically don't pay more than something is worth. As long as you check out your tenants thouroughly, you should be fine.
You're going to need to lower your price. 1) you're in an OK neighborhood, but it's not in the most desireable part of that area. You have a lot of competition from Ballantyne and South Park. 2) Apartment complexes have seriously slashed their rates and with good credit, don't require security deposits. 3) The market is horrendous. Try going down to $950 to break that $1000 psychological barrier. I bet you will get a lot more activity. 4) I don't think lowering your price is going to invite trouble. Good people typically don't pay more than something is worth. As long as you check out your tenants thouroughly, you should be fine.
I completely agree, good post $950 is about what the market will bear in that area right now.
Ben, I'm math challenged so help me out pls.
If you had borrowed twice the amount of money that you did, and paid twice the monthly that you do, would you need twice the amount of rent that you're asking for??
j
John, is this a sneaky way to suggest to the OP that rent is set by the market, not the landlord?
Gotta love "free-ish" markets...
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$950 is about what the market will bear in that area right now.
