Large rental property seeking its first tenants
Hello BP,
I am a new guy in the real estate space and I partnered up with another investor to purchase a 13 bedroom house right in middle of our local area (Champaign IL). And I was wondering if anyone has any advice on how we can get our first tenants in it?
Some details:
The initial idea was to advertise the property to everyone for $550/mo + utilities per room. We figured this was a good price when compared to local rentals in the area. However, now we think it will be "harder" to attain full occupancy with individual tenants. The next option is to have the property rented to a larger group for $6500/mo + utilities. Bonus: we'd only have one lease to deal with, but face the problem of finding a large group of tenants. So full occupancy for each room or a hard to find 'single' tenant.
If you reading this has any tips/ advice on we should go about attracting our fist tenants or even if you've been in a similar situation, I'd be happy to hear about it.