Houston, TX · Member since 2015 · 304 posts · 47 votes
Hello,
I am just starting out and plan to rent out my own home for my first venture.
I would be moving out of my current home and would be purchasing a bigger home to accommodate a growing family.
I am curious what to expect with timing. As soon as I move out of my current home, I am curious, based on other people's experiences, what the average time frame is before I can get a tenant to move in and here in the Houston harris county area?
Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
10y
First, you need to have enough of a cash cushion so you don't get nervous about finding a tenant and rent to the wrong one thinking it will save money.
I don't know about Houston...and different areas of town are more or less popular. Call a realtor and ask what the days on market is for a rental 3-2 in your area...or ask the realtor you are using to buy and get a print out for the last few months...ask for rental prices too. You need accurate numbers.
I have the impression that clean houses in good areas priced at or below market rent will rent in a few weeks to a month in most markets... if the job market is stable.
Houston, TX · Member since 2015 · 15 posts · 3 votes
10y
Learn to write an ad, put it in the market ( I use Green Sheet)with photos get several qualified renters (Most Important). Look for the one that says, " I can't move in until next month because I must give Notice".. . while you are doing the make ready decide on the Applicant's that are qualified, let them see the house after Make Ready and not before, sign a Lease ( only crazy people don't). A good tenant is worth pricing below the market I target $150. mo below) and provide a quality unit. This is a good market to rent in. Insist on all the money paid prior to move in. Make it clear the late and partial payments are not acceptable and say the work evict several times. Say "I do not want to think about my tenant and whether he is going to pay on time and in full." After twenty years of renting houses out I can get the unit turned in two weeks . The last time it was rented I held a deposit prior to my previous tenant leaving. You will know if you are too low on rents if you get more calls than you can respond to. If that happens rewrite and take more apps. Same on the other side, if your not getting good calls and apps lower the rent and rewrite the add. I run adds now just to see what is happening. You can get two districts for four weeks for @$150.00 internet and photos are free. I do not meet prospective tenants to show the houses. They can see only through the windows and lock box entry. I do not let anyone see the house until I have a qualified application.
I have make all the mistakes I think, I stole most of my operating system from many people. There are books and courses.
1. Never rent to friends or relatives
2. They will call and say " will you take cash today and let me move in tomorrow? Hang up. It is code for "I just got out of jail and robbed a filling station on the way here." Always get prior landlord on phone and ask everything, many will give info.. If the tenant has not paid the rent current they will not pay you.