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6 homes updates

August 27th, 2014 at 05:18 pm

HI all

NO LOAN news.. NO job news.. holiday week?? a little discouraged/

Anyway.. rents have gone way up in town.. had Property manager (PM) do a rent survey.. 4 bedrooms, of which I have one are going for $1300+.. 3 bedrooms.. $11-1200.. for the most part my renters (except for these 2 homes I am turning over) are long term folks who I do not want to get rid of right now. but they are paying $900-975 for a 3 bedroom and $1025 for a 4 bedroom. S8 says they pay $1248 for a 3 bedroom!

Excting to think that rents in general have gone up but still nose to the grindstone renting out this vacant house I have and SETTLING THINGS DOWN.. current PM has had it now for 10 days??..the showing today blew off PM and we went down on rent from $1225 to $1185.. the response to ads/signs continues to be slower (due to season).. the house next door should take a week to fix up . hopefully she is still leaving at the end of this week and then we will look to put it up for $1050-$1100..but realistically I am more than willing to deal to get someone IN there this time of year.. each week that goes by it gets harder to rent until Marchish.

We DID reach the short term insurance lady (house burned down) she needs 9 months and will pay a premium.. this puts us in a super sweet spot to rent..PM is tryig to show her the house tomorrow

And we are also going to have s8 value the house too..

Need to really screen renters for LONGETIVITY etc and ability to weeather a personal storm. do not want this excessive turnover.

2 Responses to “6 homes updates”

  1. Another Reader Says:

    Low income = higher turnover, more fix-up costs. This should be factored into your expenses.

  2. Rachael777 Says:

    Agree.. been trying to find positive things to think about and the possibility my rents are low is positive.. struggling with a long time period of 'no news' or movement on realy much of anything..I have a vacancy allowance built into both the 6 homes and 3 units. maybe I will look to adjust it next year.. thanks

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