First time investor - Am I over thinking?
Hey Guys!
I closed my first investment property near Atlanta a month ago and I haven't got a tenant yet. Here is what I have done so far. Should I be worried (yet)?
Property type: Type B.
Demographics: Decent demographics in the salary range of 50-70k.
Rent is 1100-1500. My property is listed at 1300. Aligned with all the other open listing in MLS
Posted in Craigslist, MLS (Zillow etc)
Response: Lots of calls but 3-4 applications so far all with major red flags (evictions, etc)
My Thoughts:
1) Reduce 50-100$ to see if we get a decent application - Part of me also tells that, if it wasn't priced right, I wouldn't have got so many inquiries and other part says - Reducing 50 is not a bad strategy as it would keep the property occupied. I'll make the difference in a year
2) This is still winter - Keep it as is. One month in the long run is not a big deal and it is better to wait for someone good / decent than to rent it out to someone with eviction history of 500 credit score.
Am I doing anything wrong. Appreciate your help !