Finally got a tenant in SLC Townhome #2
April 17th, 2009 by KenricThis has been my longest vacancy ever. My last tenant left in December so I have gone January, Feb, March and April without a tenant. My PM finally got someone to rent the townhome beginning May 1st for $995. I had to drop the rent from $1195 down to $995 to get someone in there.
The good news is that my interest rate on this home has dropped to 4.25% from its high of 8.5%. Let’s hope the MTA or LIBOR keeps staying low (can’t remember which one this loan is tied to).
My lease for my Chicago condo is coming up in July and so far I haven’t had any showings on it. That condo usually rents very fast, but it’s also a higher end condo which commands higher rents. People may be going the cheaper route this year.
Posted in Real Estate | 1 Comment »
Stumble it!
Kenric:
And you call yourself a landlord! If a unit does not rent in two to three weeks, the rent is too high. You should have been dropping the rent $50 every ten days until you started to get showings. If it was shown but still did not rent, you should have dropped the rent $25 every ten days until it rented. You would have “discovered” what the market was willing to pay long before you lost four months of rent. At $995, you probably lost close to $3,000 in income, allowing for a normal one month vacancy.
By Another Investor on Apr 18, 2009