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Author Topic: Getting L/O tenants  (Read 7280 times)

Offline todnat

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Getting L/O tenants
« on: January 22, 2003, 08:43:17 AM »
I was wondering what the average time it takes to put a L/O tenant into a single family home (3 yr old 3/2/2 in Round Rock by Elementary school)?  I have never done L/O's - I usually look for fixers to resell - so before jumping in, I would like to get a better feel on what to expect.  Any comments?

Thanks in Advance,
Natalie

Offline WilliamGA

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Finding Tenant/Buyers
« Reply #1 on: January 22, 2003, 10:30:13 AM »
Natalie,

That is a good question.

Hard to say. Two years ago I could fill ANY house in any location within a week. Now, in our current market,  sometimes it will sell before I actually take possession, sometimes I hold it for a few months.

The longest I have held a house to date has been 6 months but I always hold out for the "right" person.

You should make a part of your due dilligence learning about the area you are considering buying in. How many homes for sale/rent? How much are they asking a month? How long is it taking to fill them? Seeing lots of for sale or for rent signs in the area should be a red flag for you.

My advice to you would be to figure 6 months in your holding costs. If you fill it sooner, great. If not, you have already factored it in so no big deal.

Good Luck!

WilliamGA
William Tingle
http://www.Sub2Deals.com
Everything u read on the net MUST be true....... Right?

Offline StacyKellams

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Getting L/O tenants
« Reply #2 on: January 22, 2003, 05:54:33 PM »
Natalie,

I would also be trying to get the sellers to make the next 3 months of payments while you try to find a t/byer. You may not get the full 3 months, but even if they only agree to one month that's one less payment you have to make.

« Last Edit: April 07, 2007, 09:33:02 PM by StacyKellams »
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Offline agkatz

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Getting L/O tenants
« Reply #3 on: January 22, 2003, 07:11:05 PM »
Lots of "For Rent" and "For Sale" signs, a red flag?

(Chuckle)...

That's pretty much all of Austin right now, my friend.
"... Just by placing hundreds of tiny, classified ads from my little one-bedroom apartment," Don Lapre.

Offline todnat

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Getting L/O tenants
« Reply #4 on: January 22, 2003, 10:11:58 PM »
Stacy -
The house that I had in mind is a HUD foreclosure, so unfortunately I can't ask for any payments to be made for me.  They aren't really good at negotiating either - I suppose the government is never motivated!

I'm thinking I will let this one go - unless it drops in price next week....we shall see.

Thank you for your responses - it always helps!

-natalie

Offline WilliamGA

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Sorry, don't know too much about Austin........
« Reply #5 on: January 23, 2003, 07:21:45 PM »
.......just speaking for my area as far as what I look for in the way of red flags.
William Tingle
http://www.Sub2Deals.com
Everything u read on the net MUST be true....... Right?

Offline agkatz

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William..
« Reply #6 on: January 23, 2003, 08:32:41 PM »
William...

I was just giving you a hard time.  :)

Let me know when you're in Austin next and I'll buy you lunch.

- Adam.
"... Just by placing hundreds of tiny, classified ads from my little one-bedroom apartment," Don Lapre.

Offline WilliamGA

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Thanks Adam. I'll do that! (nt)
« Reply #7 on: January 24, 2003, 07:29:18 AM »
.........
William Tingle
http://www.Sub2Deals.com
Everything u read on the net MUST be true....... Right?

 




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