Financial Advisor · San Antonio, TX · Member since 2018 · 10 posts · 3 votes
I purchased a property last year with a single mobile home on it along with two empty lots beside it. We rehabbed the mobile home and hired a property management company to rent it out and manage it but it is not renting out. We found out after buying it (rookie mistake) that it was definitely in a rougher part of town in a neighborhood with many other mobile homes obviously. It’s a 3/2 1000sqft MH that is currently listed for $950/mo. Just upped the agent commission as well. Any tips on what I should do? It’s been listed for 2.5 months now with really no interest. Lowered the price a couple times as well. Should we sell and cut our losses? Is it just slow time of year? Is it not going to rent out because of the area? We are about $75k all in right now. Any advice is appreciated!
Financial Advisor · San Antonio, TX · Member since 2018 · 10 posts · 3 votes
7y
@Theresa Harris thanks for the reply. We thought about one month free but haven’t tried that yet. We were going to do first month free though so I like your advice to do the last month instead.
Are you certain that your rent is at market in the area for MHs. What market research have you done in regards to income levels, vacancy rates, market rents etc.
There should be no need to offer any incentives if their is a market for the size of home you are offering. Incentives only attract lower quality applicants. Why it is not renting goes to the market research.
Are there comparable sized apartments or other similar homes in the area renting that you can compare to. You need to have a sit down with the PM and confirm that he is in touch with the market.
@Nathan Spradlin The nice thing about doing the last month is you don't need to worry about them moving in for a month and then leaving. Then once they are in, hopefully they will stay more than a year.
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
@Nathan Spradlin I don't recommend you give first month free because that makes it easy for someone to move in when they can't afford it. You want someone that can afford it but will appreciate a free month. Maybe consider giving them the second month free or last month.
There's something wrong if you're dropping prices and offering incentives with no response. You must be over-priced or this place is really rough and nobody wants to even look at it. Step back and look at it with fresh eyes or maybe recruit some non-investor friends over to get some objective feedback.
Johnson City, TN · Member since 2017 · 209 posts · 367 votes
7y
I don't know anything about your market but that seems to be pretty strong rent for a single wide. What are similar single wides in the immediate area renting for?