Finished updating my 6 bedroom, 3 bathroom house. Now what?

Cincinnati, Ohio
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Finished updating my 6 bedroom, 3 bathroom house. Now what?

Ronda Henderson
New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote

Hello, I'm Ronda from Cincinnati, OH and I'm new to Real Estate. My boyfriend and I have a LLC together, for the purpose of renting out our newly updated house. I've posted the house on the two nearby campus websites, as well as platforms like Avail, Redfin, Apartments.com, but I'm not getting many hits at all. It's very possible we're asking too much for rent, but we want to make sure we cover the monthly expenses for the house.
I've changed my marketing from college students to STR. What other marketing strategies can I use to get leads on this property.

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Ronda Henderson:

You should have crunched the numbers before buying to see if this would work. Nobody is going to pay above-market rates just to help you pay your expenses. They are going to pay what they believe is fair or they are going to rent from someone else.


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  • Jordan FioreBusiness Member
    Real Estate Agent · Cincinnati, OH · Member since 2020 · 193 posts · 147 votes
    3y

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 

    [email protected]513-646-1038
    Jordan Fiore, Realtor - eXp Realty566 Reviews
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  • Alex Pelletier
    Member since 2022 · 47 posts · 47 votes
    3y

    Hey Ronda,

    I didn't see Zillow and Facebook Marketplace on your list of where you posted your property. I'd recommend you post on those two as they're two of the most successful platforms to use for listing and filling your properties. Good luck! A tool like Rentometer would be helpful to show you comparisons for rents in your area. Hope this helps 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Ronda Henderson:

    You should have crunched the numbers before buying to see if this would work. Nobody is going to pay above-market rates just to help you pay your expenses. They are going to pay what they believe is fair or they are going to rent from someone else.


    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    2Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    3y

    What is market value for rent and what are you charging?  Also a 6 bed house will limit your potential tenant pool.

    1Reply
  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 834 votes
    3y

    @Ronda Henderson

    Largely depends on the area. That is big too, 6bd/3ba for Cincinnati is pretty big. Every think of renting by the room?

    [email protected]859-443-4952
    Sam McCormack Realtor
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  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Jordan Fiore:

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 


     I apologize, I'm still figuring out this website. The property is in the Cincinnati area of Ohio.

    0Reply
  • Jordan FioreBusiness Member
    Real Estate Agent · Cincinnati, OH · Member since 2020 · 193 posts · 147 votes
    3y
    Quote from @Ronda Henderson:
    Quote from @Jordan Fiore:

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 


     I apologize, I'm still figuring out this website. The property is in the Cincinnati area of Ohio.


     Do you what the area is called within Cincinnati?

    [email protected]513-646-1038
    Jordan Fiore, Realtor - eXp Realty566 Reviews
    WebsiteView Page
    0Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Alex Pelletier:

    Hey Ronda,

    I didn't see Zillow and Facebook Marketplace on your list of where you posted your property. I'd recommend you post on those two as they're two of the most successful platforms to use for listing and filling your properties. Good luck! A tool like Rentometer would be helpful to show you comparisons for rents in your area. Hope this helps 


     Hey Alex, 

    It's listed for sale on Zillow, because we thought we wanted to go through that process. I just updated the marketplace listing. Here are the links to posting sites:  

    https://www.facebook.com/marke...

    https://www.avail.co/l/6063879...

    https://www.zumper.com/address...

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  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Nathan Gesner:
    Quote from @Ronda Henderson:

    You should have crunched the numbers before buying to see if this would work. Nobody is going to pay above-market rates just to help you pay your expenses. They are going to pay what they believe is fair or they are going to rent from someone else.


    You are correct. That's why it's been hard to find qualified buyers. 
    This is our first investment home and we are still learning how to maneuver through this process. 
    0Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Jordan Fiore:
    Quote from @Ronda Henderson:
    Quote from @Jordan Fiore:

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 


     I apologize, I'm still figuring out this website. The property is in the Cincinnati area of Ohio.


     Do you what the area is called within Cincinnati?


     The part of town the property is located in is called North Avondale. 

    0Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Theresa Harris:

    What is market value for rent and what are you charging?  Also a 6 bed house will limit your potential tenant pool.


     The market rate rent max, in this area, is $3,000 a month. We purchased the house to rent out each room to the local college students, but we've not had much success in leads. When I posted the house for rent by the room, the rent is $800 per room with shared common areas.

    0Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Jordan Fiore:
    Quote from @Ronda Henderson:
    Quote from @Jordan Fiore:

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 


     I apologize, I'm still figuring out this website. The property is in the Cincinnati area of Ohio.


     Do you what the area is called within Cincinnati?

    https://www.facebook.com/marketplace/item/8598252850249865/

    https://www.avail.co/l/60638799

    https://www.zumper.com/address/215-e-mitchell-ave-cincinnati-oh-45217-usa#l-18606298p

    0Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    @Ronda Henderson rent it for top dollar and keep it rolling :)

    1Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Jordan Fiore:
    Quote from @Ronda Henderson:
    Quote from @Jordan Fiore:

    What area are you in? That will dictate which route you may want to take to maximize cash flow on the property. 


     I apologize, I'm still figuring out this website. The property is in the Cincinnati area of Ohio.


     Do you what the area is called within Cincinnati?

    Good morning Jordan,
    The property is located in the North Avondale area of Cincinnati. 
    0Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Bud Gaffney:

    @Ronda Henderson rent it for top dollar and keep it rolling :)

    That was our thought process when we purchased the house lol, the problem is I'm not seeing the leads to rent out the property. 
    0Reply
  • Tchaka Owen
    Real Estate Agent · Merritt Island, FL · Member since 2017 · 986 posts · 1k+ votes
    3y
    Quote from @Ronda Henderson:
    Quote from @Bud Gaffney:

    @Ronda Henderson rent it for top dollar and keep it rolling :)

    That was our thought process when we purchased the house lol, the problem is I'm not seeing the leads to rent out the property. 

     Hire a good real estate agent and let him/her do the work for you.

    1Reply
  • Ronda Henderson
    OP
    New to Real Estate · Cincinnati, OH · Member since 2023 · 11 posts · 1 vote
    3y
    Quote from @Tchaka Owen:
    Quote from @Ronda Henderson:
    Quote from @Bud Gaffney:

    @Ronda Henderson rent it for top dollar and keep it rolling :)

    That was our thought process when we purchased the house lol, the problem is I'm not seeing the leads to rent out the property. 

     Hire a good real estate agent and let him/her do the work for you.

    Thanks, I may go that route. 
    1Reply
  • Simon Kaiser
    Member since 2023 · 1 post · 0 votes
    3y

    Ronda, I agree that you should also be posting to Zillow, as this is what most students in the area use for finding their student rentals. Another thing you should consider during leasing is the seasonality of student rentals. Fall classes start in late August so demand is going to increase leading up to this. 

    Can you clarify the unit mix of the house? You said it was a 6 bed 3 bath in the posting, but on your listings they are 1 bed 2 bath units. I imagine this was a typo and you have three 2 bed 1 bath units.

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