I am considering purchasing a duplex in a small town. When chatting with some very helpful people here on BiggerPockets something popped up that I never considered. Longer vacancies because of the limited pool of qualified tenants.
Does anyone have any best practices to market for tenants in small towns? I was thinking of going to churches, I posted an add on Craigslist and didn’t get a single hit. There is s college near by but the property is in a more residential area about a mile from campus, but this seems to be my best option
Is there anything anyone has tried that has helped fill their property with a quality tenant in a timely manner? Also what vacancy rate are you using in a smaller town to evaluate deals before purchasing?
I'm thinking about your situation and thinking very big picture.
To me it seems like your market is not the right market to be investing in. You don't want to be investing somewhere where there are very few qualified tenants. You want to be investing in areas where there are jobs and there is good paying jobs for people.
They may not make a lot of money, they may only make $30-50k/yr but those are the kinds of tenants that fill my properties with and they're very hard working people.
It sounds like the market you're in doesn't have those type of people... maybe try to find a little bit of a larger town... or a town where there are good jobs..
I know you've probably moved on by now, but I own a duplex in a small town. I think as long as you live locally, it can be a really good option! I usually have my unit filled with people I know or friends of friends. Happy to talk more if you are still considering it.
I really believe that to invest in a small town, you have to be intimate with the small town. You have to know almost everything that's going on, and, just like you do when your real estate investor, let everybody know that you have a rental so if they know anyone that needs a place to rent they recommend you.
in smaller towns Word of Mouth it's going to be a far better advertising Source than anything else.