Getting Tenants
how do you get tenants for a lease option? can you/do you show the propty while negotiating the sale or do most people just have renters up their sleeve from advertising??? curious how you tci-ers get tenants fast ?
post an add in the paper looking for buyers:
tired of rentin?want to buy?we can help. little to no down call xxx-xxxx
or something like that then all you have to do is the screening. <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by raymo28 on Date 02/13/2004 ]
But, do you do this before the sale is complete or do you wait until the sale is final? My nextquestion then is -- if you have to wait until the sale is complete, isn't it kind of risky that you won't find a renter?(especially with today's rates)
Hi,
To play this game you have to be out on the streets and have a present time, up to date knowledge of what rents are and what kind of payments people in that area can pay. You cannot go in and grab and find out that the rental payments on a lease are just too high. You need a spread and the only person who can tell you this piece of information is you. I would not ask anyone. Their answers might be self serving. A Real Estate Broker that wants to put you down or reduce your impact in his area of activity. Same goes for most others.
Hope this helps. Lucius
I understand how to determine if a deal is going to make money and how to determine what monthly rate a rental should be set at. I guess I just don't understand how long it typically takes to find tenants to rent your place. For example, right now where I live our paper has 2 full pages of properties for rent and only 1 column of properties for sale b/c the market is that hot. Properties don't stay on the market for more than 2 days. But, yet, people here still seem to be able to find tenants for their properties and it seems to me that alot of the good investors have tenants lined up before they are even finished closing the deal on a particular property.
I was wondering how that can be??? Do veteran investors work out arrangements to show properties before they even own them? Or... have they been just doing this for such a long time that they have a list of people looking for certain things that they can call on when they find a match....???