My wife and I are in the process of purchasing our first investment property in San Antonio which is a duplex.
Currently the property is vacant, and we are set to close on the 10th of May. Can we start advertising that the property is available so that we can limit the amount of time both units are vacant?
We were curious what others have done when purchasing a property that is vacant and wanting to fill the home with tenants as soon as possible.
Thank you all!
@Thomas Dunsmore , You definitely can advertise, but I would not take any money until you actually take ownership. This is a tricky area as so many things can cause a delayed closing or a deal to fall apart. If you aren't financing that is one less thing to worry about, but what if another winter storm comes and all the pipes burst and ruin the unit on May 5th.
I would wait until you are closer to closing. Right now the speed at which units are getting filled you shouldn't have an issue with vacancies. Just put your systems into place for when you do close.
But you could test your price range coming into closing and list it at an uncomfortable high price and get a feel for the market.
Best of luck Mate!
We always wait until after closing. As long as you bought in a nice part of town and it's rent ready, you shouldn't have to worry about it taking long to rent here in San Antonio. If you're not able to show the property right now, then there is no real reason to advertise. Tenants tend to want to look right now, and then apply on the spot. Are you using a property manger? They should be able to fill you in about what you can and can't do at the moment.
I'd wait until conditions are removed and talk to the seller to see if you can do showings the week before you close.