It’s The Price…
I ended up talking to a new friend who bought an investment property earlier this year. It’s been three weeks since she listed it and nothing. No bites, no interest, nothing. Queue my mini panic attack at the fact that we could/may be in the same boat later this month. Then I looked into it and almost instantly calmed down. She is about $250 over where she should be based on other rentals that have recently become available. She doesn’t want to lower the price. Apparently, the price was accurate back in July. Of course, it’s not July anymore so here we are. I did suggest lowering it, but she didn’t like that idea. She is annoyed at the other homes for being listed so low. So, it sits. I truly hope she is able to get it rented, but I don’t think she’s getting it at that price.
It is a good reminder for me as we get closer to closing on this thing. I do think she will lower it eventually. Wanting to get it rented will outweigh her want to get that price soon enough.
Any tips for up-and-coming landlords?
Feature Photo by Chi Pham on Unsplash
She’s choosing to forego rent because she won’t rent at market rate? I guess she must have a lot of runway to burn if she’s going to hold out.
My rental adventures are over for the foreseeable future but if you haven’t read them and want to, they’re here: http://agaishanlife.com/our-money/.
Even though I very much believe in Affordable housing and ethical rentals, I can’t really see myself wanting to deal with people again any time soon. I don’t think this is an issue that you’ll have, given your profession 😁
Yeah, she really is. As of now, she has not reduced the price any either. And there are bigger homes in the same community as hers that are being rented for less now. 😂
I have been reading through your rental adventures. I am currently on Part 12. 😊 I am a little worried about overall profit, but I think it’s going to end up being a cash flow thing vs a total profit thing at first. Which is dumb unless your income is completely irregular.
Believe it or not, I am a massive introvert and would much rather not see people all the time. How I ended up in sales is beyond me. 🤣