I have a unit for rent that is 1375 sq ft "3" bedrooms 1 bathroom. The third bedroom is quite small (wide enough for a full bed and small night table), but does have a closet and built in desk. The room is more for a kid. Im advertising as a 3 bed but having trouble getting a tenant. Would you advertise as a 2 bedroom and shave a few hundred off the rent? This would result in cash flow close to 0.
Hey @Michael Zack - if your cash flow will drop to zero, that'd be cutting it way too close. You'd likely have negative cash flow which must obviously be avoided at all costs. I recommend doing everything you possibly can to get it rented. Brandon Turner recently said that Real Estate is less about your market and more about your marketing and I find that to be very true.
In addition to having an agent advertise your rental, I recommend posting it everywhere you possibly can - realtor.com, zillow, trulia, redfin, and especially craigslist. Bonus tip: Repost your rental every couple of hours on craigslist so it stays visible until you finally get a tenant in there renting it out at your 3 bedroom price. By consistently posting it, I think you'll eventually find someone interested in renting that will enable you to still cash flow each month.
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