Just joined BP a couple months and happy to say I have purchased my first rental property in Kansas City, MO. I found a great realtor, lender, property manager, etc. I'm feeling a little down though because the property has sat vacant since escrow closing just over two weeks ago. Is this normal for the area?
I did lots of research before pulling the trigger but now wondering if I made a bad move. My original intent was to use a turnkey company but decided to go the realtor route. The whole process has been stressful but exciting & fun at the same time. Has anyone else out there had a similar experience? Is it the weather?
Stumped and discouraged!
There are a few things to consider with this property and why it may not have anyone to fill it yet. First , what is the location? Second, what is the rent your asking for and third, two weeks isn’t that long considering the time of year. I live in Kansas City and own a few houses myself. Can I get the address of the rental through a PM? That way I can give more accurate feedback on location and rent?
Hi @Sal Souza ,
I agree with Jason that the location, asking price, condition of the property and market conditions will all have an impact on how quickly you place a tenant. In my experience, it averages around 45 days after closing/renovations (once Move In ready) for the home to be occupied.
All the best!
@Sal Souza no reason to be discouraged at all after only 2 weeks. Sometimes you get lucky and a property will rent right away but that's not always the case, especially this time of year. Dec-Feb are generally slow rental months. It also depends on the location. If you want to send me the address and how much you're marketing it for, I'll take a look and give you my 2 cents.
Do you have any showings at all ? If they pass ask them why .
@Mike D'Arrigo thanks for your feedback Mike, I'll PM you the address, would be happy to hear your thoughts.
@Billy Smith the property had 5 showings within 2 days of being listed. The prop manager said there was no negative feedback but no deposits either. not sure if there has been any showings lately, the weather has been pretty bad.
I'm a little late posting this but I'm very happy to report my rental has a tenant now as of about a week ago. Just have to see how it goes from here.
Recently closed on a 2nd property, another sfr, same general area, will be ready for a tenant soon! Thanks to all for your encouragement!
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