Peoria house 99% rented
July 28th, 2008 by KenricMy current tenant told me that they were leaving at the end of August on last Wednesday. I put a very simple ad on craigslist on Thursday.
I got a call from a couple who has 5 kids and 2 dogs right away. The reason they are moving is because they came home to find a foreclosure notice attached to the door of the house that they are currently renting. The auction is set for August 28th. They had been renting their current home for 3 years.
(BTW, I did a records check on their current residence and their landlord had 26 foreclosure notices in the past 2 months! Must be a real estate investor who just gave up.)
I also got a call from a woman who was looking for a home for her daughter. The house that her daughter is living in is also getting foreclosed on! I see a trend coming with good tenants looking for new homes.
My tenant had agreed to do all the showings, which is great because I live 35 miles away from the house.
The couple went over to look at the home on Friday and filled out an application on Saturday. I approved them today and we are meeting to sign the lease today. The new tenants do not have good credit (not many do) but he faxed me copies of his paycheck stubs and I had his mother co-sign the lease.
I’m so glad that the home was rented so quick! There was no way I would have been able to sell this house at a decent price. I know, it’s not done until the lease is signed and I get a check, but I’m about 99% certain that it will go through. And another bonus, I was able to raise the rent by $125.
I was worried about my current tenants in that house. Last year it took me 2.5 months to rent the home out and I was getting desperate and would have accepted anyone. My current tenant is a single mom with 4 kids and her parents are the ones on the lease. I have not been to the house since and was just worried that it would be trashed. In fact, Friday was the first time I’ve spoken to my tenant since before she moved in. I still haven’t seen the house but due to the fact that the new tenants wanted to rent it after seeing it leads me to believe that the house is in pretty good shape.
Posted in Real Estate | 2 Comments »
Stumble it!
Good for you for renting so quick. Having a property vacant for months is no fun.
By Clifford on Jul 28, 2008
Congratulations on getting it rented so quickly with just one Craigslist ad. And at the high end of the market! Getting a co-signer to offset the bad credit was shrewd risk management.
If your financing is fixed in the low 6′s, I would be inclined to agree with RealOG. You are not likely to duplicate that rate anytime soon. Even if prices come down further, higher rates will offset the effect of the lower mortgage amount on the monthly payment.
Put this one on the back burner and start looking for the next opportunity!
By Another Investor on Jul 28, 2008