Renting my first rental property

16 Replies

Hello everyone! I finally did it and plunged into buying my first rental property and I’m grateful for being introduced to the Bigger pockets community. I’m wondering if I’ve done everything that I can to rent this place. If you have suggestions I’m all ears. I’ve posted it on Zillow and apartments.com. Hoping it rents soon! Thank you

Try craigslist, depending on the price of the rental, craigslist might be a better place, plus you get more exposure which is always good. Lower end rentals have people usually looking on craigslist. Higher end, Zillow which feeds to many others as well.

And it's not always about where you list. Have you priced it right? Good pictures and description? Keep in mind it's also winter, toughest time of year to find a tenant...so be prepared for that...

Thank you so much for your feedback.  I have gotten calls and I’m starting to show it.  I renovated it, probably paid too much.  I either win or I learn .. right? I didn’t realize that winter was a struggle.. but now I know 

Originally posted by @Astrid Arevalo :

Thank you so much for your feedback.  I have gotten calls and I’m starting to show it.  I renovated it, probably paid too much.  I either win or I learn .. right? I didn’t realize that winter was a struggle.. but now I know 

I would try Facebook marketplace. Free to post and I got over 200 inquires in 48 hours.  Did an open house and it was rented within 48 hours of posting it.  

Congrats on closing on your first rental! I recommend cozy.co for all your landlord needs. Simple platform and easy to use. 

Hopefully, you have your tenant screening process, qualifications, and criteria down.  Good luck in California where the laws are not landlord friendly.  Screen thoroughly or you'll be out of pocket for months trying to evict a tenant.

most of my inquiries come from Zillow and FB marketplace. My bit of advice... with every single person that you respond to, make clear in the email or voice conversation your qualifications to get past your application - whether it be monthly income of 3x the rent, pass a criminal background/no prior evictions, credit score,  etc.  No matter how many times you say it or post it, people will still try to slip by.. but I have found that when i have 30 inquiries for a listing, emailing them back with the requirements will turn away most people that aren't qualified and save me the hassle of showing the property to them. 

Welcome to BP and congrats on your first rental property Astrid! Make sure you thoroughly screen your applicants (i.e. credit, criminal, and eviction check as well as a google search of their name), take advantage of the free landlord software out there, and create strict rental criteria! Best of luck. I look forward to reading about your REI journey! :)

@Astrid Arevalo congrats!! Yes use real estate software from the get go so you have a system in place and all your docs in place. The one I use is tellusapp.com it has a listing service that lists on 15 sites but I haven’t used that feature yet so I can’t speak to it. Seems like it doesn’t hurt to get your listing out on more sources though. The app can do rent collection expense tracking screening and it’s all free, I like it a lot and recommend checking it out. Also listen to the bigger pockets podcasts! Use a professional lease like the bigger pockets one or the Tellusapp one, and most importantly always remember this is a business not a hobby. Don’t let emotions get in the way of choosing the best tenant.

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I’m a little overwhelmed with all this info.  Hope I can do all of this in a timely manner.  Thank you everyone for all the tips!

You all inspire me to continue. So grateful!

I bought a 3'x5' banner and I hang it on the back fence of one of my houses that backs up to a busy street. I have a separate banner for each house describing some of the features of that house and my phone number. It works really good. www.bannersonthecheap.com and like everyone else has said, screening tenants is extremely important. I have good tenants in my rentals and I would gladly give up a months rent for a good tenant.

@Katie Stewart I did! It rented on 3/1! Thank you for your words of wisdom. I think it’s a really great tenant!

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