Need advice. Listing my first rental. :)
Scenario: Want to turn my primary into a rental. Mortgage is $950 (I have about 100k in equity and only 79k to owe). Rent will go for about 1575. House is in great shape with upgrades.
Question: If I list home on zillow how do the application fees work and what is the best way to find a tenant? I will most likely self manage. I will most likely use the bigger pockets lease agreement.
Any feedback?
Zillow is great, and for your market, listing on Zillow might make sense. With that being said, people treat zestimates like they are Gospel. If the rent zestimate in your area is lower than what you could actually get, I would try something else.
Really cool that you are listing your first property. It’s a really great feeling when that cashflow starts coming in.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
- 5,506
- Votes |
- 9,861
- Posts
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
List on MLS and all platforms. Zillow will bring you the most prospects, also the most unqualified ones. Use your local lease agreement if your state has one, if not get one from a property manager
I would list on the main sites: Zillow, Apartments.com, Furnished Finder (IF it will come furnished), Facebook Marketplace, etc. Will be great to use the BP lease agreement!
I also would suggest background checks and possibly interviewing your potential tenants.
If this is your first rental, to cast a wide net, I would use Zillow, Redfin, Apartments.com, and on the MLS. Once you start getting prospective tenants, I would use the tools found in apartments.com. They can help you screen, collect security deposit, collect and automate monthly rents, and provide renter's insurance. They also have boiler-plate rental agreements. You can also use the rental agreements that have been uploaded in Bigger Pockets.
Good luck!
In addition to the main listing sites, I also recommend a little guerilla marketing. Many of my best tenants come from placing little business cards with the property info in places where I expect my ideal tenants to be. Local stores, laundromats, and so on.
#3 General Landlording & Rental Properties Contributor
- Real Estate Consultant
- Cleveland
- 2,975
- Votes |
- 5,098
- Posts
#3 General Landlording & Rental Properties Contributor
- Real Estate Consultant
- Cleveland
Quote from @Brent Carpenter:
Scenario: Want to turn my primary into a rental. Mortgage is $950 (I have about 100k in equity and only 79k to owe). Rent will go for about 1575. House is in great shape with upgrades.
Question: If I list home on zillow how do the application fees work and what is the best way to find a tenant? I will most likely self manage. I will most likely use the bigger pockets lease agreement.
Any feedback?
PLEASE hire a PM co, do not try and go it alone, its not worth the headache. PM fee is only going to be about 100 month, meaningless . DId you already do the lead inspection? Is there a POS required? Do you have guys on call 24/7? Do you know how to evict?
Good luck
Quote from @Eliott Elias:
List on MLS and all platforms. Zillow will bring you the most prospects, also the most unqualified ones. Use your local lease agreement if your state has one, if not get one from a property manager
Thank you. Any feedback for using rentredi? I was thinking about signing up through Bigger Pockets Pro.
Looking to create great places to live and provide affordable/comfortable living for tenants.