I am looking at a SFH in Detroit, MI. I'm reaching out to see if anyone has any advise when it comes to finding renters.
What funnels or strategies do you use to find the best tenants?
Anywhere outside the Gilbert made bubble it is spray and pray - there is no sure formula. I have a 20 something I was sure would never pay and has been on time for years - I've had cute little old ladies not pay the first month. You need to be on your game... learn how to evict FAST and be patient. If you get a year out of a tenant they are gold
We use Zillow and just really evaluate each prospect when they call.
Thanks I will keep all this in mind!
@Joshuah Mundy I own a local PM company in Detroit and there's a lengthy answer to your question, but the short answer is blasting multiple marketing avenues. We see the most traction from Zillow, Facebook, and Craigslist but there are many sources. If you're marketing to section 8 that requires a bit of a different strategy. MLS and other options can be used for higher end rentals in Detroit too. Screening is a big deal in the city and if you ask most experienced landlords, getting the right tenant is one of the biggest challenges in Detroit. Make sure you thoroughly screen all applicants. Again, there's definitely more details in each of these steps.
One consideration, but if this is your first rental investment, I'd highly recommend starting in the suburbs. The city can be very lucrative but higher risk areas are best after you have one or two under your belt. Typically it's a law of averages in the riskier areas.
Thank you for your advise!