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Apartment Rented in One day

June 3rd, 2014 at 11:46 am

Checking in. The property that husband & I offered on is...complicated-ish. The For Sale by Owner guy has a verbal deal with someone who needs some time to get the money together for the property. The owner asked us to check back in a couple of weeks. We called back with an increased offer and was told that he really needed to give the other guy time to see if he could buy it. So to call back in a week. So...we are waiting on that one.

Good-ish news- one of our properties went vacant June 1st. Rent has increased over the last year and this is the first property we could raise our rent. Husband wanted me to increase the rent by $60/month...but I got nervous we would get stuck with an empty apartment so I increased it by $10/month. I listed the property on Craigslist and got a request to show it within an hour. The couple liked it but wanted to think about it. We then showed it to one of our current tenants who wanted to line it up for August when she was moving out of the current place. We didn't want to wait so long to have it filled so we held out. We had many more showings lined up. Then the first couple came back and said they wanted it. They gave us a deposit, signed a lease and will move in 3 weeks. So we lost a month of rent (June) but finding a renter challenge is over.

The upstairs of the same building becomes vacant in July. We are offering our tenant to take the upstairs unit, but she will be living by herself and it is a 3 bedroom apartment. So although we are offering her a pretty steep discount ($200/month discount) because we feel bad she didn't get the downstairs unit and if she moves in with her dog, we wont be replacing the carpeting, she might not be able to afford it/doesn't want it. I'll almost be happier if she does not take it so we can charge an increased rent.

So overall, I should have been more aggressive raising the rent- but filling the place in 1 day is a new record. Holding my breath to try and fill the August apartment fast as well.

Our spending money and bill paying money comes from these rentals, so even one month of vacancy means we have to curb the monthly spending or pull the money from savings.

1 Responses to “Apartment Rented in One day”

  1. Rachael777 Says:

    Great job!

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