Investor · Port Orange, FL · Member since 2015 · 28 posts · 1 vote
I'm closing on my first rental property at the tail end of June. I happen to be taking a week vacation at the same time, so if I work fast I could possibly lease it on the 1st of July. The house needs new paint inside and out and laminate flooring in one bedroom, so nothing too major. I plan on doing the work myself.
But the problem is I've never had any experience leasing properties, this will be my first.
Would it be better to hustle to get somebody in on the 1st of July?
Or let the house sit vacant through July and starting the lease August 1st, giving me a chance to take my time prepping and compiling the right prospective tenants?
I don't usually put so much importance on the 1st of the month. It's very common for me to have a lease start mid-month or a the last week in the month. This allows the tenant some time to get their stuff moved over and in. I simply take the full deposit on the date of move-in and pro-rate the remaining month's rent.
But yes, hustle to get it looking great (especially since you've just closed on it and you'll be highly motivated to get into it). Just don't worry about hitting a July 1st date. Double your estimate for time spent on the painting and flooring and you'll be close to real time spent.
And you're also right in considering a relaxed demeanor when vetting your tenants. You don't want to be rushed into accepting a poor tenant. Every time I've chosen a poor tenant, I had done so because I was getting antsy to get the property rented out.
Don't place any value in arbitrary deadlines. Get the property looking is best as quickly as possible. Once it is, work on getting a top quality tenant. If those things happen in the middle of July so be it. Don't let your property sit empty just to start the lease on a certain date.
@Pete B. as others have said, your lease does not have to start on the first of the month. Advertise the property as available when it will be ready. People move at all different times of the month. Also, in my experience, most leases end on the last day of the month, regardless of when they start, so you will likely find someone to rent your place on the 15th or 20th even though their current lease ends at the end of the month. They will use the overlap in leases to move and clean the prior place.