Tuesday, November 10

I've Rented the Townhouse

My very first rental property, a 2 bedroom townhouse which I lived in for three years, has been rented. The tenant will be moving into it in about a week. I consider this a quick turnaround:
  • Closed on Rental Property #7 on 10/27.
  • Began preparing Rental Property #1 the evening of 10/27.
  • Tenant moving in on 11/17.
My tenant will be paying $625 per month, which is $100 per month improvement over what the previous tenants paid. Tomorrow I will review how I determine my profitability from this.

How did I find a tenant so quickly? A few months ago I rented a condo. I listed in on Craigslist and received a dozen inquiries in the first week. This tenant was interested in moving in a month or two, while the tenants I selected signed a lease and paid the first month's rent the next day. Some folks would see a red flag here - I mean, why didn't she find another place instead of waiting on me? Well, her credit is bad. She was in a bad marriage and made some mistakes. She and her two kids are now living with her mom and she vows this will be a new beginning.

I'll save my philosophy for screening tenants for another day. I will say that I am pretty liberal and will give someone a chance if my gut tells me to do so.

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