It's been a slow week, mostly because I caught some sort of bug that knocked me flat on my back for a couple of days. I'm still getting over it, but the worst appears to be behind me. My energy level is still pretty low, however.
No new news on the apartment deal. I suspect the principles are working away busily as escrow is set to close at the end of the month.
I also had a couple of leads on two new potential hard money lending deals, but those fell through. The people didn't need hard money after all. Too bad, as these would have both been 12% net to me. I'm on the lookout for others though.
My Rental #1 is still empty. I've got a call in with the management company to see how things are progressing towards getting a Section 8 tenant in there.
I'm getting antsy without any cashflow checks coming in!
Thursday, February 21, 2008
Slow February
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2 comments:
The Tulsa house has been vacant for far too long. That means the rent is too high, the condition is poor, and/or your property manager is not doing the job.
Do you know how the manager is marketing the property? Is it in the newspaper, on a proprietary website or on Craigslist? Did the manager send you a condition report and/or photos at the last move out? Have you seen the rental analysis?
If you are satisfied that the property is in rent-ready condition and they are marketing it, then lower the rent.
Succeeding in the rental business means keeping the units occupied by paying tenants. Rents lost today are never recaptured. If I had a rent-ready property managed competently that consistently failed to rent quickly at what I felt was a market rent, I would SELL and move on.
I just got off the phone with the owner of the management company. She has not spoken yet to the person who is in charge of my property (she is out showing a property), so she didn't have many details to give me yet. They do list the property on their own website and also in the newspaper. I didn't ask about Craigslist. I haven't seen a formal rental analysis, but I've talked about rents in the area with them on the phone. She is going to talk to her employee and find out what people are saying about my property to see if perhaps there is something people don't like. She had no update on the Section 8 process.
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