Put My First House for Rent

[Andy Vasquez]

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

[Jaron Walling]

FB market place is hands down the best place to find tenants right now. You can pre-screen potential applicates through the messaging as well. 

Less than enthusiastic?... pictures and price all that matters. If the listing is full of bad cell phone pics I'd take them down and get better photos. Set a high standard unless the location dictates otherwise. Rents have softened a bit in some of the major metros. Something to consider. 

[Jack Seiden]

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

[Chris Davidson]

@Andy Vasquez Zillow and FB marketplace are where I get 90% of my tenants from. You also listed near end of a month in one of the slowest months of the year. Make sure your pricing is right your description is good, your photos are solid, and give it some time. The first tenant isn't always the best. 

Best of luck and way to take the steps!

[Andy Vasquez]

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

 Hi Jack,

Thank you. Can youp lease take a look and let me know if the Pics are not up to par. Thank you for offering and being so supportive.

[Andy Vasquez]

Quote from @Jaron Walling:

FB market place is hands down the best place to find tenants right now. You can pre-screen potential applicates through the messaging as well. 

Less than enthusiastic?... pictures and price all that matters. If the listing is full of bad cell phone pics I'd take them down and get better photos. Set a high standard unless the location dictates otherwise. Rents have softened a bit in some of the major metros. Something to consider. 

 Thank you! I will look into FB. 

[Eliott Elias]

List with a realtor. 

[Andy Vasquez]

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

 I forgot to add the link to the site. Please see below:

https://www.zillow.com/homes/3...

[Jaron Walling]

@Andy Vasquez Looks nice! Geez rent is crazy in DC! 

In my opinion I'd remove or move photo #1 to the end. This needs to be the best interior photo you have which is the living room or kitchen; not a photo of outside landscaping. Photo #10 (vanity) is awkward. Nice bathroom but the photo angle is terrible. I'd replace it with another photo. From my experience 700 credit score limits a lot of applicates. Our properties are in C/B- class neighborhoods though. I'm sure it's different than downtown DC. You could lower to 650-680 and see what happens. Depends on you standards. 

[Andy Vasquez]

Quote from @Jaron Walling:

@Andy Vasquez Looks nice! Geez rent is crazy in DC! 

In my opinion I'd remove or move photo #1 to the end. This needs to be the best interior photo you have which is the living room or kitchen; not a photo of outside landscaping. Photo #10 (vanity) is awkward. Nice bathroom but the photo angle is terrible. I'd replace it with another photo. From my experience 700 credit score limits a lot of applicates. Our properties are in C/B- class neighborhoods though. I'm sure it's different than downtown DC. You could lower to 650-680 and see what happens. Depends on you standards. 

 Thank you for your feedback! I updated the photo's based on your two suggestions.

[Justin Lanciault]

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

I live down the street from there:

1) you are not getting those kinds of rents on Sherman Ave for the condition of this property (renovation is at least 10 years old)

2) Pics are weird

3) The only homes getting 4500 and up are the 4 story victorians which I know you aren't if you are on Sherman Ave

4) a 700 credit score is more restrictive then applying for a mortgage so you will have less applicants 

[Russell Brazil]

Quote from @Andy Vasquez:

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

 I forgot to add the link to the site. Please see below:

https://www.zillow.com/homes/3...

 700 credit score? Youre never going to get that filled. 3 landlord References?

[Jared Hottle]

I have had good luck with Facebook marketplace lots of weak leads come with the good so have a system in place that you can batch respond by copy and pasting the same message to get them to apply. Also if anything like my area people do not like moving in the winter months so that may be why you are getting less leads.

[Jack Seiden]

Quote from @Andy Vasquez:

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

 I forgot to add the link to the site. Please see below:

https://www.zillow.com/homes/3...

 A couple of issues, Your rent is wayyyy too high, and given than every month your vacant costs you money, I’d probably want to be somewhere around 1k less just to get it moved (I’d have to run more specific comps but that’s my general sense d.c. is pretty soft atm) as others have mentioned pics aren’t great, credit score requirements are too high, three landlord references is too much and frankly many people especially in Columbia heights which tends to be younger may not have them, and one other side note your security deposit is both too high and illegal, security deposit cannot be more than 1st months rent. But the single biggest issue here by far is price.

[Andy Vasquez]

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

 I forgot to add the link to the site. Please see below:

https://www.zillow.com/homes/3...

 A couple of issues, Your rent is wayyyy too high, and given than every month your vacant costs you money, I’d probably want to be somewhere around 1k less just to get it moved (I’d have to run more specific comps but that’s my general sense d.c. is pretty soft atm) as others have mentioned pics aren’t great, credit score requirements are too high, three landlord references is too much and frankly many people especially in Columbia heights which tends to be younger may not have them, and one other side note your security deposit is both too high and illegal, security deposit cannot be more than 1st months rent. But the single biggest issue here by far is price.

Thank you! I appreciate your feedback and I will adjust the security deposit.

My mortgage is $4200. I currently live there, so not missing out on rent in the traditional way, but want to move to a cheaper place to help me save to build a portfolio.

[Jaron Walling]

@Andy Vasquez Lots of constructive criticism in this thread. So many people learn by reading these responses. 

It's clear to me if the mortgage payment is $4200 this may not make sense as a rental (financially). I'm objectively comparing this to small SFR's in our mid-west market, but you'll have all the expenses we have ON TOP of that payment (capex, vacancy, insurance, etc) . If you're equity heavy maybe just sell for top dollar in the spring and downsize into a cheaper property. There's nothing wrong that plus you won't pay Uncle Sam. Primary exclusion up to $250K if you're single, or $500K if you married.

[Andy Vasquez]

@Jaron Walling, I like the direct feedback. Thank you for your help.

I previously rented out rooms while living here, so the tax man will get his $$$.

I locked in at 3.25% for a 30 year mortgage. I thought even if I get $4000 a month (mortgage is $4200 w/taxes, insurances, PMI) I would be in good shape considering the Cap Accum and someone else paying for my equity. Do you think my thinking is wrong?

[Bud Gaffney]

@Andy Vasquez Facebook Marketplace

[Jaron Walling]

@Andy Vasquez Excellent point. Man that's great! You probably saved lots of money during that time. Giving up a 3.25% interest rate... Idk if could do it. Those rates won't be back for years. It's cheap money. 

From an investment standpoint 10 people will chime and tell us to sell because it negative cash-flows, but long term positive cash will come and you'll win. It's a tough call. I've not been in that situation given our properties were cheap and distressed when purchased. Without knowing the values in your neighborhood if you're sitting pretty on $100K+ equity, and more buyers come back (Feds policy), prices will drive up, and selling could be really easy. Who knows. 

[Jack Seiden]

Quote from @Andy Vasquez:

@Jaron Walling, I like the direct feedback. Thank you for your help.

I previously rented out rooms while living here, so the tax man will get his $$$.

I locked in at 3.25% for a 30 year mortgage. I thought even if I get $4000 a month (mortgage is $4200 w/taxes, insurances, PMI) I would be in good shape considering the Cap Accum and someone else paying for my equity. Do you think my thinking is wrong?

 This^^^^ if you factor in the long term appreciation you will come out ahead in the dmv, and rents are really soft in the city atm which does make me think there will be a bounce in the coming years.

[Cody Neumann]

I always list mine on Facebook Marketplace and always have great success

[Andy Vasquez]

Quote from @Cody Neumann:

I always list mine on Facebook Marketplace and always have great success

 Thank you so much for this advice. After putting on FB and using the boost function for three days, I had two people fighting for it.

[Andy Vasquez]

Quote from @Jaron Walling:

FB market place is hands down the best place to find tenants right now. You can pre-screen potential applicates through the messaging as well. 

Less than enthusiastic?... pictures and price all that matters. If the listing is full of bad cell phone pics I'd take them down and get better photos. Set a high standard unless the location dictates otherwise. Rents have softened a bit in some of the major metros. Something to consider. 

 Thank you! FB did the trick!!!