Updated over 2 years ago on . Most recent reply
Investment property Mcallen vacancy issue!
I recently purchased a rental in mcallen, its been well over 40 days and units are still on the market. It is being managed by a PM and feel they are doing everything. Nonetheless there is always a time for new blood and skin to the game, so looking for contacts of Good/awesome/great PM in mcallen who are creative and well connected in the Mcallen area.
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@Ron D. Good speaking with you recently. Sounds like some good input on here. Let us know if you have any further questions. I strongly favor regular price reductions until leased out.
Most people make the mistake of letting it sit too long when simple math points to that fact that 2 additional weeks of vacancy at $1000 per month equals $500. Thats equal to $42 per month lost revenue for the year. Another week to collect security deposits, review applications, and place tenant is another $21 per month lost.
If the price had simply been reduced by $50 per month after a week with no applications, you've essentially broken even. The Valley is a little prone to lengthy vacancies with rentals and lengthy DOM with sales. It's an uphill battle if a property is priced at the top of its market value. I'd rather leave $25 per month on the table than deal with the vacancy.