Advertising before rehab complete and renting quickly!

1 Reply

Hello BP. Wanted to get some advice. Thank you so much for all the wisdom on this forum.

A.

Per my insurance, I have until Dec 25th to rent it or they inflate my rate.

The next week I will be traveling and my GC is taking the Thanksgiving holiday off.

That puts me at Dec 2.

The house should be rent ready by Dec 7th. Big projects are: carpet, windows, blinds, deep cleaning.

I’ve read multiple times about waiting until the house is completely rent ready before marketing, but I feel like I need to break that rule because of my rent deadline and the holiday season.

Would you recommend marketing it with or without pictures with how it currently sits with a description about the pending updates? (Remember, gross carpet and worn 1950’s windows) I plan to advertise it as ready on Dec 11.

B.

What makes a rental attractive during the holiday season? It’s a 3/2 house in a great location, but again, time crunch. I don’t want to fudge on qualifications: credit score, rental/eviction history, criminal background check, income.

Would it be to my advantage to incentivize by paying the first month’s utilities? I don’t want to do anything like “free rent for a month” because I think that trains the tenants that I am okay with less than the full rent amount.

C.

I’ll probably use Cozy to collect rent and receive monthly payments. What is great resource to run background checks?

It depends on the market. If there's a lot of demand, you may find a quality tenant before the work is done. They can typically see past the construction and visualize what the rental will look like upon completion. If the market is loose and you're competing against comparable rentals, I would probably wait until the work was done.