All Forum Posts by: Christina Zimmerman

Hello! New landlord, here. I've recently listed my first rental property for rent, and, while it's gotten A LOT of interest and inquiries, my minimum requirements seem to turn people away.  I have the general requirements suggested by BP-- minimum income of at least 3x rent, minimum credit score of 630, no prior evictions, and clean background check. It's been listed for a month, now, and while I've given many tours and followed up on every lead (I listed through Tenant Cloud which also lists on popular rental websites such as Zillow and Apartments.com, and I posted it on FB marketplace), I still haven't gotten the right tenant. Is this common? After a month should I be considering lowering rent and/or the requirements? Not sure if I should stick to my guns, here, or listen to the market and lower my requirements. Obviously people are interested at the current rent because they keep reaching out. I've got one potential on hold with a lower credit score (535) than I'd like but plenty of income. Any and all advice welcome. Thank you for your time!

Nice! I'd love to connect. I have access to the MLS system, so I may be able to help you pull comps/find deals in the future!

I need to discuss with my lender the costs of a ReFi. I don't really have enough saved up right now to pay for another appraisal and loan underwriting process on top of closing costs for the next buy. But, it would be wise with these record low rates and considering the fresh paint, new light fixtures, appliances, etc. I will discuss it with her when I meet with her, next! I also highly recommend Knoxville/ the East TN area to live, in general. It's notoriously cheap living (especially compared to Cali), the Great Smoky Mountains are just an hour away, and you can't beat that southern hospitality!

 

@Christina Zimmerman The politically correct answer: It depends.

@Mathew Walter In my particular area, rent for a 2bed/2bath home can run anywhere between 800-1400, with the majority landing somewhere in the middle. Downtown living is more expensive, and further out homes still in the county garner a bit less. There are specific neighborhoods within the market where fluctuations are evident, as well.

@Jatagious Lee That’s awesome! Affordable and sustainable housing is something I hope to provide to our community one day. I live very close to the Powell area, actually. We should meet up for coffee one day, or, maybe more pandemic appropriate, a zoom call.

Investment Info:

Condo buy & hold investment.

Purchase price: $115,000
Cash invested: $5,750

2 bed, 2 bath condo that was originally househacked while I updated the unit.

What made you interested in investing in this type of deal?

I didn't want to pay rent, and my lease was ending.

How did you find this deal and how did you negotiate it?

I had been actively shopping for months. Knoxville is a seller's market, so there wasn't any negotiating on my side (the buyer).

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Fresh paint, new light fixtures, washer/dryer, kitchen appliances, bathroom vanity, and door knobs.

What was the outcome?

TBD