Best way to rent out a condo?

<em>awgee said: nude - to their parent's homes. </em>





Yup, that is one option. They could rent from a roach motel/apartment. Or, they can be someone's roommate.





If they wanted to rent a decent place, they would need to pay a year of the lease in advance, plus the deposit, because of their 505 FICO score. Which, they won't have, so they have to chose the options above.





Shooby,





LOWER the rent. You will LOSE more money by letting it sit vacant. LISTEN to me, I know what I am talking about. LOWER the rent. Stop LOSING more money than you have to.
 
It's amazing to watch the "my place is special" dynamic in action. Complete denial in the face of overhelming evidence. Where's my popcorn?
 
<p>Losing money is easy. Losing big money is really easy. Deciding to lose a little, that's hard.</p>

<p>The math is straight forward:</p>

<p>A) Lose $300 a month for the next twelve months.</p>

<p>B) Lose $2050 this month and then another $150 a month for the next twelve months.</p>

<p> </p>

<p>Can't afford the $300 loss each month, SELL even if it means losing $10,000 today.</p>

<p> </p>
 
<p>If you lower too much you might get renters like this:</p>

<p><a href="http://www.msnbc.msn.com/id/21773482/">www.msnbc.msn.com/id/21773482/</a></p>

<p> </p>
 
..and let their kids play in the yard to give the appearance of a real family living inside. (anyone read the article about the house in San Clemente a year or so ago?)
 
<p>JP, you *do* want to lower the rent "too much" then hold a beauty contest to pick the best tenant. Set the rent below market and hold a 12-3 Saturday open house. Make them size each other up and start throwing bank statements at you. Would you rather choose between a shaky prospective tenant and having nobody, or between 5-10 tenants and get to pick the very best?</p>

<p>I'm in that "solid tenant" category and I've had landlords ring my phone like crazy and begin offering incentives to move in. You need to <em><strong>compete </strong></em>for this kind of quality -- Yet your hands are tied with the rent set at $2k/mo. </p>

<p>If this means you'll have negative cashflow, don't worry. Brio condos will all be worth $900k in three years. Just ask the current owners in that complex.... </p>
 
Shooby - I'm with the lower rent crowd.



We recently entered the rental market after owning a home on the east coast. Our experience was that there are many rentals coming onto the market right now so we had a great selection to choose from and because we had great credit we could afford to be extremely selective about what we rented and how much we paid for it. I agree that the high foreclosure rate is a strawman bullet point. There may be more rentals but there certainly aren't more qualified applicants for them.



Lower rent doesn't necessarily translate to problem tenants - in this market the smart renters know they can shop around. Price it so you get enough applicants you can be selective. Just my two cents...
 
<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=644269">http://www.redfin.com/stingray/do/printable-listing?listing-id=644269</a></p>

<p>This looks close. On the market for 217 Days. One would think a Condo worth $ 450K would get $ 2K a month for rent.. So using the "x160" vs Rent method. Condo is really worth $320K. as compared to the market rental value at this time. </p>

<p> </p>
 
I repeat my point:





Shooby,





LOWER the rent. You will LOSE more money by letting it sit vacant. LISTEN to me, I know what I am talking about. LOWER the rent. Stop LOSING more money than you have to.





Is this your first time being a landlord?
 
I'm renting out the 2nd bedroom in my condo right now, but i'm not looking to rent this place out until 1/1/08. I think the next three weeks i'd really like to solve this situation already.
 
Um, renting out a room doesn't qualify as being a landlord.


<em>


I think the next three weeks i'd really like to solve this situation already.





</em>Ok, I will tell you how to solve this, it is really simple. LOWER THE RENT! That is it, period. This is the worst time of the year to have a vacancy. I speak from experience, and you need to drop the rent. If I were to rent the same place for $1800, and it had carpet, I would buy a vacuum cleaner. $200 for a vacuum cleaner, or $2400 for hardwood floors? Vacuum cleaner wins.





I'm not being a jerk, I am telling you, as a landlord, what to do. I am in reality, and you are in Denial. And, if you think there will be more people looking in December, then you have another thing coming. DROP THE RENT AND GET IT LEASED ASAP.
 
Well, I guess my rent amount is marketable. A guy is signing the lease for $2,050 a month and giving me three months rent upfront. So I guess it is possible.



Anyone know about Private schools in the Westpark Area? What schools are available for elementary/high school?
 
<p>Why would he give you three months rent up front?</p>

<p>More importantly, how it go from nobody was interested enough to even come and see it to rented for asking price in a day?</p>
 
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