Having trouble renting our investment property . Any feedback ?

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Having trouble renting our investment property . Any feedback ?

Adriana Diaz
Los Angeles, CA · Member since 2019 · 54 posts · 19 votes

Hello BP Community!

My fiancé and I are new investors from California and investing in Fort Worth and Mansfield TX, however, it seems like our third income property seems to be taking us longer to rent. We purchased it in February 2019. It's been over 3 months no cash flow and I'm starting to regret our investment on this property. Not sure is it because its a 2 story house. We lowered the listing price from$1,700 to $1,600. Its a 3bedroom, 2 bath 1660 sqtf in Fort Worth. We purchased it for $175k and according to Redfin says its valued $184k. Any suggestions? Btw our real estate agent listed it on MLS and no luck. Last night I listed it on Craigslist .. any suggestions??

Thank you very much!

Addie-

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Kyle MccawBusiness Member
Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
7y

If you send me the address or mls number i can give you some honest feedback. it could be one or more of many different issues.

McCaw Property Management4.4905 Reviews
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  • David Sisson
    Architect · Providence, RI · Member since 2016 · 257 posts · 195 votes
    7y

    What feedback are you getting from potential tenants? Location? amenities? price? If no one is walking through, then either it's priced too high, or you aren't advertising it well. Get a good photographer to take good photos. I have an architectural photographer (in other words, he takes the BEST photos) and I'll have him shoot some "real estate" photos before I list. The difference between an 'architectural' photo and a "real estate" photo is that he doesn't really edit the RE photos, so they aren't quite as nice, but they still look great compared to the typical crap that you'll see. You might pay a few hundred for RE photos vs a few thousand for architectural. You might try listing on craigslist of course, and also on facebook marketplace. If you aren't getting anyone walking through, then there's something wrong with your ad, the price, or where you are listing it. Or there's something wrong with the house itself. It took me about 2-1/2 months to get a renter in my most recent single family - it was a bit of a weird house, and I was very picky about the tenant, but I did get tons of people walking through it. Pictures and ad was the key. 

    11Reply
  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    7y

    If you send me the address or mls number i can give you some honest feedback. it could be one or more of many different issues.

    McCaw Property Management4.4905 Reviews
    WebsiteView Page
    22Reply
  • Sergio AltomarePro Member
    Rental Property Investor · Greater Philadelphia · Member since 2012 · 135 posts · 60 votes
    7y

    @Adriana Diaz As David said, it comes down to inquiries, showings and feedback. Quality of the listing is vital, so be sure to look at it yourself (assuming it's being remotely advertised.) Also check Rentometer.com to be sure it is priced right. Lastly, exact location and layout are very important too. 

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    9Reply
  • Anthony Rosa
    Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes
    7y

    What are similar homes in your area renting for?

    If they are within your rent range; do they have the same or better kitchens, baths, finishes?

    How many people looked at it and what was the feedback?

    The last time i had 2 months of no rent it was because of the Jan-Feb winter.

    3Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @David Sisson:

    What feedback are you getting from potential tenants? Location? amenities? price? If no one is walking through, then either it's priced too high, or you aren't advertising it well. Get a good photographer to take good photos. I have an architectural photographer (in other words, he takes the BEST photos) and I'll have him shoot some "real estate" photos before I list. The difference between an 'architectural' photo and a "real estate" photo is that he doesn't really edit the RE photos, so they aren't quite as nice, but they still look great compared to the typical crap that you'll see. You might pay a few hundred for RE photos vs a few thousand for architectural. You might try listing on craigslist of course, and also on facebook marketplace. If you aren't getting anyone walking through, then there's something wrong with your ad, the price, or where you are listing it. Or there's something wrong with the house itself. It took me about 2-1/2 months to get a renter in my most recent single family - it was a bit of a weird house, and I was very picky about the tenant, but I did get tons of people walking through it. Pictures and ad was the key. 

    Thank you so much David,

    According to our real estate agent we had people viewed the property, and maybe the property it’s a bit high since next door house it’s also for lease.  Our property its larger, but I noticed there is a lot of competition in the sorrouding neighborhood. I’ll definitely will look into taking professional photos. The last property took us about a month to rent and this time it’s insane over 3 months. Well definitely take an action. 

    Thanks again! 

    2Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Anthony Rosa:

    What are similar homes in your area renting for?

    If they are within your rent range; do they have the same or better kitchens, baths, finishes?

    How many people looked at it and what was the feedback?

    The last time i had 2 months of no rent it was because of the Jan-Feb winter.

     Thank you for your message Anthony, 

    Not sure exactly what renters are saying since were out of state. Our real estate agent have got us renters these past two times, but this times over 3 months its insane. I’ll take action and hired a real estate agent who wants to helps find tenants. Well reduced the rent and see if that works. But thanks again for your time. 

    2Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    7y

    Put it on FB marketplace. This has become the best way to market a property for rent.

    16Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Sergio Altomare:

    @Adriana Diaz As David said, it comes down to inquiries, showings and feedback. Quality of the listing is vital, so be sure to look at it yourself (assuming it's being remotely advertised.) Also check Rentometer.com to be sure it is priced right. Lastly, exact location and layout are very important too. 

     Thank you Sergio for your feed back. I will definitely look into this. I will definitely be doing changes. This is an eye opener. We never thought we will get stuck with a property. 

    0Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y

    @John Underwood I’ll definitely do that. Thank you very much John.

    0Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y

    @Sarah Doogle I totally agree.

    0Reply
  • David Sisson
    Architect · Providence, RI · Member since 2016 · 257 posts · 195 votes
    7y

    Your agent might not be trying very hard to do showings either. Mine took 2.5 months because it was winter, it's a weird layout, and because I'm picky about the tenants. I could have rented it in a week to a bad tenant, LOL. 

    3Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y

    @David Sisson totally.. He told us he could rent it asap, however, he will have to skip doing credit checks. So We thought about it and said what it we get stuck w/ that tenant David Greene got stuck with. Professional tenants lol. I think were staying w/ buying in Mansfield TX, too bad the houses gone up so much. I don’t think we want to buy a story again nor a 3,bedroom. Lol Well buy 4 bedroom in Fort Worth. So far we have a great tenants and we take good care of them. But not sure if our real estate agent is dragging his feet on this one.

    1Reply
  • Cassi Justiz
    Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    I don't have a ton of feedback outside of what you have already gotten here. Pictures and price make a huge difference in showing traffic. If you aren't getting showings, it's one of the two. If you are getting showings but no one is applying, then it may be layout, condition or neighborhood. 

    I would make sure you have good pictures and get it on FB marketplace. I didn't have much luck on it in the past, but lately it seems like the place to be. 

    1Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    It’s Almost always the price 

    5Reply
  • Edgar Barrera
    Realtor/ Property Manager · Fort Worth, TX · Member since 2017 · 57 posts · 24 votes
    7y

    I would also have a local friend call the agent to inquire about the properties to see if he even answer or returns messages. You will be surprised of how many agents that do no answer their phone, When I have rentals available my phone is always blowing up. 

    Hate to say it as well but ask your realtor how much they are paying to others to agents that bring clients to show the home, I have seen some as low as 100.00. I typically give 50% of the rent to buyers agent. 

    Feel free to send me the address and I can look at it as well. 

    Edgar 

    9Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    7y

    @Adriana Diaz it should be listed on Zillow as your primary source. Craigslist is mostly scams these days. Have you considered hiring a local property manager? Property managers have their own list of tenants that are house hunting. They will actually bring leads to you. I would recommend that over a real estate agent for out of state investors. They know what people are looking for and they can help you figure out why it isn't renting.

    If we ever hit 30 days, we cut price and/or make improvements to the property. Simple things like replacing light fixtures or flooring can make a huge difference in property appeal. If your screening standards are high, then your property needs to be good quality. I know it hurts to sink more money in, but you got to pay to play.

    10Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Joe Splitrock:

    @Adriana Diaz it should be listed on Zillow as your primary source. Craigslist is mostly scams these days. Have you considered hiring a local property manager? Property managers have their own list of tenants that are house hunting. They will actually bring leads to you. I would recommend that over a real estate agent for out of state investors. They know what people are looking for and they can help you figure out why it isn't renting.

    If we ever hit 30 days, we cut price and/or make improvements to the property. Simple things like replacing light fixtures or flooring can make a huge difference in property appeal. If your screening standards are high, then your property needs to be good quality. I know it hurts to sink more money in, but you got to pay to play.

     Joe!

    You nailed it! I’m doing research as I read this message. You hit it just on the spot. Do you know of any decent property management in FW? We definitely will cut the price. The funny thing our next door neighbor is also leasing and have not renter either. I feel we got stuck w/ this one and I might have to fly out there and see exactly what’s going on. This real estate agent was highly recommended by other peace officers, but I don’t think property management is his thing. 

    Thanks for your input! 

    Addie- 

    1Reply
  • Danny Grey
    Investor · La Jolla, CA · Member since 2016 · 66 posts · 169 votes
    7y

    3 months? Your price is too high. Lower it.

    3Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    7y
    Originally posted by @Adriana Diaz:
    Originally posted by @Joe Splitrock:

    @Adriana Diaz it should be listed on Zillow as your primary source. Craigslist is mostly scams these days. Have you considered hiring a local property manager? Property managers have their own list of tenants that are house hunting. They will actually bring leads to you. I would recommend that over a real estate agent for out of state investors. They know what people are looking for and they can help you figure out why it isn't renting.

    If we ever hit 30 days, we cut price and/or make improvements to the property. Simple things like replacing light fixtures or flooring can make a huge difference in property appeal. If your screening standards are high, then your property needs to be good quality. I know it hurts to sink more money in, but you got to pay to play.

     Joe!

    You nailed it! I’m doing research as I read this message. You hit it just on the spot. Do you know of any decent property management in FW? We definitely will cut the price. The funny thing our next door neighbor is also leasing and have not renter either. I feel we got stuck w/ this one and I might have to fly out there and see exactly what’s going on. This real estate agent was highly recommended by other peace officers, but I don’t think property management is his thing. 

    Thanks for your input! 

    Addie- 

    Sorry I am not familiar with the market. I would look through local listings and see which 4-5 companies come up the most often on Zillow listings. Call each of them, give them your address and explain your problem. Tell them you are looking to hire a PM who will rent it fast, whatever that requires. See what they all say and pick the one that you like best.

    5Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y

    Thanks Joe for the info I’ll put it to work. We really appreciate your advise. I’m hoping this gets resolved soon. 

    Have a great day! 

    0Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Danny Grey:

    3 months? Your price is too high. Lower it.

     Agree! 

    0Reply
  • Mike M.
    Denver CO · Member since 2015 · 69 posts · 9 votes
    7y

    This is why it’s also not smart to invest out of state in areas you are unfamiliar with. #couponclipping

    2Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Cassi Justiz:

    I don't have a ton of feedback outside of what you have already gotten here. Pictures and price make a huge difference in showing traffic. If you aren't getting showings, it's one of the two. If you are getting showings but no one is applying, then it may be layout, condition or neighborhood. 

    I would make sure you have good pictures and get it on FB marketplace. I didn't have much luck on it in the past, but lately it seems like the place to be. 

     Thanks Cassi!

    Good call I’m looking into it. I need to change real estate agent and hire a property management co. The last 2 properties were rented out pretty fast. I will be changing strategies and will tent this puppy out. :) 

    Have a great evening!

    Adddie- 

    0Reply
  • Adriana Diaz
    OP
    Los Angeles, CA · Member since 2019 · 54 posts · 19 votes
    7y
    Originally posted by @Dennis M.:

    It’s Almost always the price 

     Agree!

    0Reply
  • James Call
    Specialist · Denton, TX · Member since 2018 · 126 posts · 84 votes
    7y

    @Adriana Diaz,

    I think you got some great advice here.  About 10 years ago when the market was really tough, I worked as a realtor for a company that focused a lot on PM and rentals.  We were able to get a ton of clients and rent a lot of property.  

    You want to find out what that next door unit is renting for and see how that compares to your place.  Take a look at the ads for your property  as was mentioned.  I also like the idea of asking a friend to call your agent and see how they respond.  

    As far as property management options, there are some folks who responded to your post who are property managers like@Kyle Mccaw and @Edgar Barrera.  I would contact both of them and see how you like them.  

    I had a client recently ask me for a property management referral.  I wasn't that familiar with their area, and I let them know, but I googled their area, called about 10 companies and asked about my client's situation.  I found a couple I thought might be a good fit, and one who seemed really sharp from their feedback online and from the phone call I had.  

    Good luck with your rental!

    5Reply
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