A week out from my first deal

General Landlording & Rental Properties
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A week out from my first deal

Jonathan Humphrey
Member since 2018 · 4 posts · 2 votes

Hi Everyone,

Long time lurker, first time poster. My wife and I are closing on our first rental property deal next week in Gilbert, AZ. I am nervous about finding tenants, but I assume that is normal for first deal. We are closing and I am putting in new flooring over days after. I am looking for advice on when to post the listing as open for applications. Should I wait till the flooring in complete to take new photos? Should I post now (before closing) with current listing photos? Do I post right after closing with current listing photos?

Any advice is welcome.

Thanks,

Jonathan

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  • James Galla
    Attorney · Akron, OH · Member since 2016 · 535 posts · 389 votes
    7y

    Definitely wait for new flooring and other upgrades are installed because that will demonstrate a higher quality property with more justification behind it's price point. You'll also get more interest.

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Jonathan Humphrey Welcome and congrats. I think it's all relative. I've done both...if the market is strong and you have a large tenant pool you can show it without the new floor and potential renters will understand there are updates on the way. If the market is cool and you want to maximize your tenant pool, advertising after the renovations is probably a good play. There is nothing wrong with using existing photos as long as they represent the property condition...happens all the time. I would wait until you have possession to start your marketing. 

    Are you in the same city as your new property? 

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  • Jonathan Humphrey
    OP
    Member since 2018 · 4 posts · 2 votes
    7y

    @Brandon Sturgill thank you for your response. I am in the same general area. We have close friends that live in the same neighborhood of the rental we purchased. From speaking with a few different people and based on what I can find online, I am going in thinking it should be a larger tenant pool. Of course, this being my first one, I may be very wrong. I am mostly nervous due to my brother struggling to find tenants for his rental, but in another state. I know each market is different. Just first time jitters I hope.

    1Reply
  • Patricia Steiner
    Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
    7y

    Congratulations on your first investment!  And, the "fear of no tenant" is normal and will soon be unfounded.  

    I recommend posting a "For Rent" sign in front of the property with your phone number - on the very day you close.  It will help you gauge interest, field inquiries, and more.  I also recommend showing the property before it is completely finished so a potential tenant can see the value/care you're putting into it.  Be sure to have your tenant screening process in place and a rental application ready to go so that if you get your perfect candidate, that process can be engaged sooner versus later.

    Again, congrats...I'm betting it will be the first of many to follow.  

    0Reply
  • Anthony Hurlburt
    Salt Lake City, UT · Member since 2016 · 199 posts · 190 votes
    7y

    You can not list it as a rental until you own it (after closing).

    0Reply
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