Get on the stick and get everything rented now.

Summer ends soon. There is a small fall moving season but it's short and you better take advantage of it or you'll be sitting on vacant property over the winter. Get out there and get your units rented before winter. You have maybe 1 or 2 months left before it gets hard and people stop moving.

Edited: 06/26/2010 at 09:44AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
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Icon_minipost Sep 17 '09, 12:26 AM

Great advice, Tim. Winter is always a tough time to fill vacancies.

If you don't have a sense of urgency to get your properties rented now, it will likely be a LONG winter!

Edited: 06/26/2010 at 09:44AM

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Rich Schroeder

Real Estate Investor · Wisconsin

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Icon_minipost Sep 17 '09, 02:52 AM

question for you pros....

I have a nice 5 bedroom that I had no problem renting out. I did a one year lease, starting in October (it's a middle class area). Next year, if they move out, I'll have a vacency during the winter. How do you get off of that cycle and get back to April or so on a lease?

Thanks,
Rich

Edited: 06/26/2010 at 09:44AM

Tim W.

Real Estate Investor · Indiana, Indiana

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Icon_minipost Sep 17 '09, 03:13 AM

You should be alright Rich. October 1st is a good move in time. If their lease ends then, you can start showing in September and have it ready to transition in October. If it's a nice house with good tenants as you describe have any painting and cleaning crews ready to do a hard core prep session that first week of October and knock it out in less than a week.

It's playing it close to the line but you can work out a deal with the new tenants moving in - even pro-rate the first month if it isn't completely ready until something like the 5th.

Edited: 06/26/2010 at 09:44AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 17 '09, 03:14 AM

Originally posted by Joshua Dorkin

If you don't have a sense of urgency to get your properties rented now, it will likely be a LONG winter!

No joke - a Farmers Almanac is an excellent tool for landlords.

Edited: 06/26/2010 at 09:44AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Icon_minipost Sep 17 '09, 04:32 AM

Interesting thread! All the posts are from FROZEN tundra states. My rentals are So. Texas, Cancun, Casa Grande AZ, and I live in FL. I have no winter worries. There is a natural drop because many families don't want to move kids after summer ends and school starts, but winter? Most kids don't know when it starts in my rentals! Rich at beautiful Cinci airport.

Edited: 06/26/2010 at 09:44AM

Ted Harris

Real Estate Investor · Portland, Oregon

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Icon_minipost Sep 17 '09, 04:49 AM

Las Vegas definitely slows down in the winter but like Rich's properties is located in a warm climate. It also has year round schools so moving in the winter isn't altogether out.

Edited: 06/26/2010 at 09:44AM

Emilio R

Architect · Milwaukee, Wisconsin

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Icon_minipost Sep 17 '09, 04:51 AM

You control the terms of your lease. No one says it has to be a year lease. You can change your lease that you sign in October to be a 6 or a 9 month lease. Then the lease will expire in the summer. If we have tenants that are going to stay I always make them sign a new one year lease. Funny thing is there is more competition in the summer months as well. ...

Or you could just buy in a warm climate as Rich points out.

Edited: 06/26/2010 at 09:44AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Icon_minipost Sep 17 '09, 05:02 AM

Emilio- That was a great suggestion imo. Not many people think of that. Rich

Edited: 06/26/2010 at 09:44AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 17 '09, 05:24 AM

Originally posted by Rich Weese

Interesting thread! All the posts are from FROZEN tundra states. My rentals are So. Texas, Cancun, Casa Grande AZ, and I live in FL. I have no winter worries. There is a natural drop because many families don't want to move kids after summer ends and school starts, but winter? Most kids don't know when it starts in my rentals! Rich at beautiful Cinci airport.

We don't have bugs that kill us. :wink:

Edited: 06/26/2010 at 09:44AM by Tim W.

Emilio R

Architect · Milwaukee, Wisconsin

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Icon_minipost Sep 17 '09, 10:55 AM

Thanks for the props Rich. What makes this site so valuable is the contributions from others. So I will try to contribute when I can.

Edited: 06/26/2010 at 09:45AM

Just Don

448 posts
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Icon_minipost Sep 17 '09, 12:45 PM

Originally posted by Tim Wieneke

Originally posted by Rich Weese
Interesting thread! All the posts are from FROZEN tundra states. My rentals are So. Texas, Cancun, Casa Grande AZ, and I live in FL. I have no winter worries. There is a natural drop because many families don't want to move kids after summer ends and school starts, but winter? Most kids don't know when it starts in my rentals! Rich at beautiful Cinci airport.

Tim,,you have no bugs that kill you?? I know for a FACT you have ticks there!!! they kill way too many people and those that dont die,,wish they did!!

We don't have bugs that kill us. :wink:

Edited: 06/26/2010 at 09:45AM

Account Closed

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Icon_minipost Sep 17 '09, 07:16 PM

We actually have slowly moved all of our leases, when possible to end in January-February as we have found that renting in summer is difficult, Florida (snow birds gone - economics activity slowed), while January-April are the easiest months due to tax returns and the help they provide in covering the security/last month deposits.

Edited: 06/26/2010 at 09:45AM

Michael Rossi

Real Estate Investor · Ohio

4587 posts
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Icon_minipost Sep 17 '09, 09:58 PM

It's interesting that everyone has a different experience on this issue. In my experience the worst periods to get new renters is at the start of school (now) and between Thanksgiving and Christmas (as people are feverously shopping for un-needed and un-wanted junk for Christmas presents).

Mike

Edited: 06/26/2010 at 09:45AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 17 '09, 11:28 PM

Originally posted by Just Don

Tim,,you have no bugs that kill you?? I know for a FACT you have ticks there!!! they kill way too many people and those that dont die,,wish they did!!

Don. Relax. It was a joke. Besides what you're thinking is not ticks but Lyme disease and it's a rare occurrence here. They've only discovered it in 2 people in my county for the last 4 years and can't even confirm that it didn't happen when they were traveling out of state. Every state has it's challenges you need to specifically be prepared for. As an insurance adjuster I know two of the states Rich mentioned (Texas and Florida) along with Louisiana account for 70% of the wind/tornado/hurricane damage in the US and Texas hail can easily punch through plywood roof sheathing. The worst we get up in my area of Indiana is dime size hail and a rare tornado. My little frozen tundra gets winter for a couple months...but since it's been coming about the same time every year we have a pretty good idea when it comes.

Edited: 06/26/2010 at 09:45AM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
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Icon_minipost Sep 17 '09, 11:53 PM

I agree with Emilio to a tee. That is what we've always done - we write the least so that it always terminates in the spring (April/May).

And, once again, Mike is right!! You get nothing but headaches between the fall through the New Year. The only tenants that move during that time period are those that MUST move.

Edited: 06/26/2010 at 09:45AM

Cain Kiser

Real Estate Investor · Champaign, Illinois

28 posts
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Icon_minipost Sep 18 '09, 03:34 AM

I was getting a little worried recenty about finding a good tenant before the big renting season but I got it finalized today and got my last property rented. Now time to relax and wait for the toilet to get clogged! lol

Edited: 06/26/2010 at 09:45AM

Account Closed

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Icon_minipost Sep 18 '09, 03:55 AM

Definitely, It is advisable to look for house to stay in than to rush out.

Edited: 06/26/2010 at 09:45AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 18 '09, 12:47 PM

I want to make one thing clear so people don't think I'm recommending filling property in the fall. Fall is NOT the ideal time of the year, but in my experience once Fall's over it's not getting any better until March/April. That's why I suggest you crank it up now for anything not filled.

Edited: 06/26/2010 at 09:45AM