Flipper/Rehabber · Cincinnati, OH · Member since 2020 · 300 posts · 417 votes
5y
Hey Christian, 60 applicants in less than a week is a lot. My first thought is that your rent is indeed too low. How does your rent amount compare to the rent amount of similar units in your market?
Flipper/Rehabber · Cincinnati, OH · Member since 2020 · 300 posts · 417 votes
5y
Hey Christian, 60 applicants in less than a week is a lot. My first thought is that your rent is indeed too low. How does your rent amount compare to the rent amount of similar units in your market?
Los Angeles, CA · Member since 2017 · 28 posts · 7 votes
5y
@Account Closed I had an issue finding comps because everything nearby was apartments, the house is in a nice little pocket of R1 homes. it was really hard to get comps. I have signed a lease already, but at least i know now that i can increase when the lease i over right?
@Account Closed I had an issue finding comps because everything nearby was apartments, the house is in a nice little pocket of R1 homes. it was really hard to get comps. I have signed a lease already, but at least i know now that i can increase when the lease i over right?
At the government approved rate if you don't stay exempted from rent control. Just make sure you are familiar and don't llc yourself into a corner.
As long as your property is within the City of Gardena jurisdiction then there is no rent control.
For the most part the City limits are Crenshaw on the west side, El Segundo on the north side, Vermont on the east side and 182nd street on the south side.
If your property is outside of those streets then you are not within the city limits and most likely LA City or LA County.
Property Manager · Raleigh, NC · Member since 2014 · 728 posts · 596 votes
5y
@Christian Orozco
That's alot of apps. In addition to rent, are you properly pre-screening? Do you send your requirements before accepting apps. No reason to waste your time and theirs if they are not qualified.
Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Christian Orozco
Restrictions and regulations vary greatly even from city to city. We all get a little lucky at various times, but good to consider those during acquisition process moving forward. Congrats on number 1! They all come easier after this one.
Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
5y
@Todd Rasmussen, rent is too low and you could probably tighten up your pre-screen requirements. A good problem to have thought. You are the one person on here with that problem, all of the other 99 want to know why they haven't had any applications......... It's all part of the learning process. Next time do some more market analysis, reach out to fellow investors, landlords, etc... Congrats on getting it rented.
@Todd Rasmussen, rent is too low and you could probably tighten up your pre-screen requirements. A good problem to have thought. You are the one person on here with that problem, all of the other 99 want to know why they haven't had any applications......... It's all part of the learning process. Next time do some more market analysis, reach out to fellow investors, landlords, etc... Congrats on getting it rented.
Thanks but not the OP. Solid advice, strongly agree.
Los Angeles, CA · Member since 2017 · 28 posts · 7 votes
5y
@Curtis Mears Ok, i may be mixing up my terminology here. I showed/viewed the house to about 60 people in 1 week. of those, 24 applied, and i was screening all these. of the 24 applications, about 10 met minimum requirements, and 5 were well qualified.
Los Angeles, CA · Member since 2017 · 28 posts · 7 votes
5y
@John Teachout sorry, i received 24 applications. i showed the place to about 60 people which was a lot of time. for marketing, i just listed it on Zillow and turbotenant. which i believe both websites then push to other websites.
Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
5y
@Christian Orozco I won't get off my couch to show a unit until I have a completed application including pay check stubs and driver's license and references.
Los Angeles, CA · Member since 2017 · 28 posts · 7 votes
5y
@Kevin Hunter Thanks for the excellent tips. Yes, i agree, i should have spent a lot more time on market research, I ran it through rent-o-meter, but i think this particular area is hard to get comps.
@Curtis Mears Ok, i may be mixing up my terminology here. I showed/viewed the house to about 60 people in 1 week. of those, 24 applied, and i was screening all these. of the 24 applications, about 10 met minimum requirements, and 5 were well qualified.
Wow, that is alot of work for only 10 qualified apps. When I advertise a property, no matter how i am contacted (whether email, text, voice mail), I have a little paragraph that I cut and paste which has all my requirements. I do not talk to the applicant, I simply cut and paste the requirements first. This saves me time as most unqualified individuals will not continue the communication. I also do not talk to them if they call. It is to difficult to make sure I cover all requirements on the phone, and it takes to much time. So I let them leave a message, then text the requirements. I also get 50 or so responses. But by sending them the requirements before showing the property, I weed out most of the unqualified. I will show the property to a dozen or so people, and get 2 or 3 qualified apps.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
5y
We will typically get 200 to 300 "inquiries" when we have a vacancy. Our first step is to send the person a "tenant profile" which lays out all our criteria for that particular property such as pet policy, rent amount, income requirements, minimum credit score, smokers not allowed, things that will be screened for, etc. This is the last we'll hear from most of the people that inquired. For those that want to view the property (they've seen the criteria) we set up a time but usually put these showings in a group (ie, a mini open house). Usually we have refurbed the house and advertise it when the interior is done and we're still on site working on the outside, that way we don't make a special trip. Of the ones that view the property we'll get an application here or there but typically don't get more than a few per property. We process them in order received and accept the first qualified applicant. Doing it via a different strategy can bump up against fair housing issues.