All Forum Posts by: Delicia M.

Quick update everyone... I took EVERYONE'S suggestion; asked pre-qualifying questions over the phone or via email, created a digital application, utilized a property management software called RentRent to complete background checks. I even looked into hiring a local property management company but they wanted 15%!!!!!.  The end result is I was able to rent three doors in less than two weeks after changing up my strategy and making is less cumbersome. Thank you all!

Filipe and Ujwal, I agree. I think the roadblock is the application. I will create a Simple Google form to help me quickly prequalify applicants. Thank you both.

@Mike McCarthy you're right about Craigslist. I'll stick with rental apps and Facebook. Thanks for your reply. I'll stay patient and wait for the right applicant.

@Kenneth Garrett thanks for your reply. I also post on Zillow, HotPads, etc. through the RentRedi app. I've been hesitant about showing the home to people before determining whether they qualify because of COVID and I don't want to waste my time :-).

I have placed a For Rent sign out in front of a totally renovated 3bd/1ba corner house. I posted its availability on the local Facebook Marketplace. The posting outline min criterias; proof of income, background check & and min credit score. I have received countless inquiries from interested parties. After I send them a standard fillable PDF format rental application, it's rarely sent back to me. I don't hear from them again. What can I be doing wrong?

Investment Info:

Single-family residence buy & hold investment in Georgetown.

Purchase price: $20,000
Cash invested: $45,000

Lessons learned on renovation process but the AVR was worth it. Purchased at $20K but AVR was $180K.

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

Familiar neighborhood.

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

Drive by and contacted owner.

How did you finance this deal?

Cash

Lessons learned? Challenges?

The renovations took over one year. I should have received multiple contractor quotes and not use a handyman.

I could only find one licensed agent to provide an insurance quote in Georgetown, SC; Strovis. How can I find comparable home insurance rates in my state? I want to make sure I’m not overpaying.

@Ronan Donnelly thanks for that suggestion!

@Tom Antonio I live in NYC looking for a property management company for two single family homes I hvr in Georgetown, SC. I've had no luck :-(. Everyone I've reached out to said they would call or send me an application. I've received nothing. Have you had any luck?

Quick update... the money pit turned out beautiful. I moved my mom in the house in exchange for her house which I've converted to a two family. I originally purchased the money pit for $20K, paid $80K in reno. The house appraised for $180K and I cashed out $135K. I'm in contract now for a 3bed 2 bath. I'm looking for another to purchase. I'm so happy I didn't give up.