Trying to rent my townhouse has been a nightmare!!

[pink caddy]

Originally Posted by amploud

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...

Now, you're one smart cookie. Really my point is/was he says "I can't do that rent b/c it doesn't meet my expenses". Well, hello. . . hence my question, if you had double your debt load would you need to double "your requirement for rent?"

[brokensky]

Originally Posted by smclarke4

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.

This is exactly what I was thinking. I thought - stick to the price but after realizing where and what the competition is charging . . . I would lower it, absorb some $$$ every month and move on with my life.

[bluetruckguy]

Hi.. Damn I just rented an apartment by southpark a month ago.. and my friend kept on telling me.. renting from individuals for a townhome will be a steal.. and dont have to deal with rental management companies and their BS.. and that the way the market is I can twist and tweak everything from any landlord to my favor.. but i was getting a 2BR2BA by southpark mall for $600 change for any way I want the lease 3, 6 or 9 months.. with no security deposit.. no appl fees all that.. i was thinking i got a super deal already.. But what I didnt realize is if I break my lease now.. the company is gonna penalize me.. but if I broke my lease with the landlord (say for a genuine cause, like job loss & relocation for new job) most likely he/she would understand..

Anyways.. my point here is.. am sorry Mr.Landlord.. the market is tough..

At this point the only thing I can recommend is get what you get instead of paying all that hefty mortgage by yourself.. lease it out for short-term.. maybe for 3 months fro a lower price.. and still keep looking out for a long-term reasonable tenant.. the job market is tough too.. people newly moving into the area arent sure how long the job is gonna keep them.. no one wants to get stuck with a year's lease when their job may not last for a year..

Be flexible.. firm.. and sure.. give out a plan like the rental companies..

1 year lease --- Rent = $XX,
6 month lease ----Rent =$XX+10% of xx
3 month lease ----Rent = $XX+20% of XX
Month to Month --- Rent = $XX+30% of XX

2 month written notice to vacate.. 2 months rent for lease break

I mean.. the % and amounts and rules are left to you.. am just giving u an idea..

Tell them they can do a transfer of lease and save themselves of the lease break fee.. Someone may end up doing a year's lease and then its hat person's burden to find you a new tenant until the end of the year..

When I was looking for apartments I saw a few private owned condos.. I really liked what one guy had done to his place.. if not for the location.. I'd have taken it.. he probably spent a couple hunderd dollars more himself.. but there were nice beautiful decorative fancy stuff in his apartment.. shower curtains.. Door Mats.. fancy Light bulbs.. decorative door/cabinet handles.. 1 thing let me tell u that sells is digital stuff.. ditch that old needle thermostat.. it costs 20 bucks for a digital one.. ikea sells cheap trendy stuff.. cool shaped mirrors etc..

Print all all the rent/amenities details.. Put it in a Folder and Give it to everyone who comes to see the place.. Spend your referral money on paper.. Findout how much is the cheapest internet connection.. Cable TV.. Ph service.. Gym membership.. Tell everyone this area has the best rates and list the contact they should call to get the services.. List of neighborhood restaurants.. phone numbers.. blah blah.. some folks like these superficial things.. its sometimes maybe known as professionalism.. u didnt need it all these days.. but hey.. u gotta survive.. You have to be the salesman.. Do whatever sells..

Goodluck!!

[brokensky]

Tried to rep you, Bluetruck, but gotta spread the love! Excellent post and suggestions!

[pink caddy]

"get what you can get. . .". Nope. Only for desperate people that are the balls of their axis. Long term will get you agita, heart attack and stress worse than Guantanomo water board treatment.


You just don't know what a bad tenant can do to you. Until you have the experience. . . this is bad advise.
j

[coped]

A good, intelligent tenant is not going to pay overpriced rent.

I don't see how going from $1100 to $950 is automatically going to draw "the wrong type of crowd."

Do your homework, background, rental history and credit checks, and don't rent to anyone under 25 and you should be OK.

Originally Posted by johne482

"get what you can get. . .". Nope. Only for desperate people that are the balls of their axis. Long term will get you agita, heart attack and stress worse than Guantanomo water board treatment.


You just don't know what a bad tenant can do to you. Until you have the experience. . . this is bad advise.
j