So, I got my first applicants after only a few showings. I love love love getting applications. It’s like a big scavenger hunt, calling references, checking credit, figuring out who these people are and what they’re like… That, and I’m one step closer to getting a lease signed, which means I can take the ad down and stop scheduling showings.
I don’t know how many times I’ve said that in the past week. My unit is billed as both a 2+ and a small 3 bedroom, and totals about 1200 square feet including a large front porch. However, two of the bedrooms are quite small, and there is one common water heater for the whole duplex. That, and I live downstairs. I don’t really want a huge menagerie of people above me, for a multitude of reasons. So, I put a cap on the number of people I’ll accept. And I can’t believe how often I have to enforce it.
So far, I’ve had three showings — two groups of two girls, and a couple that’s moving in together. Both of the two-roommate showings were one roommate only, which is always a pain, because it means another showing if roommate #1 is interested. However, it’s looking like neither one of the two-roommate groups are going to bite. One emailed me thanking me for her time, and the other I haven’t heard back from. The couple seemed extremely interested, however, so they may come around.
Craig’s list is a great place to advertise an apartment for rent — it seems like the only place that a lot of people look. However, each year that I’ve advertised there, I get at least one bite from a scammer. Here’s this year’s version…
I’ve found that by giving people answers to pretty much every question they could possibly have, I get fewer calls and fewer showings. But, the people that I do get in the door are already really very interested. Last time I used this strategy I only had to do a few showings before I got a couple who applied on the spot.
And I’m happy about that. The thought of renting to people without doing that small bit of due-diligence scares the heck out of me. The whole process was actually very quick, painless, and not all that expensive.
Today, the 1st of the month, I got a call from my tenant, saying that they wanted to move out. They want to save up some money, and have decided that moving to a smaller space in a cheaper neighborhood was a good way to accomplish that. They’ll be moving out in 90 days, per the terms of my lease agreement.
I read an interesting article today at efinancedirectory.com - detailing 5 “Rent vs. Buy” myths that we’ve all heard over and over in the past few years, dissecting them, and telling us why they are just that — myths. Myths that created a real estate buying frenzy that seemingly everyone got caught up in, buying houses they could barely afford because they were such a great investment. Certainly, some people were able to sell at the right time, and made a lot of money off of the housing bubble. A lot of other people, though, are currently losing their shirts. This article won’t help them now, but it does make a pretty good argument for renting.
I recently met with my tax accountant — early this year, as I had a hunch I would have to pay in. I’m self-employed, and have been paying taxes through payroll, but hand’t been withholding quite as many as I should have. That, and I haven’t done much work on the duplex this year, so my “loss” from the duplex venture isn’t quite as great. One thing that could have helped a bit - keeping a better mileage log.
My house is over a hundred years old, 108 to be exact. It’s settled a bit over the years, and seems to be still settling, ever-so-slightly. I’m a bit concerned about it, but most of my house-savvy friends tell me not to worry about it, the house is 100 years old and it’s only settled this far already… Because of all this settling, though, my front door has always been a bit sticky. In the past year or so, it’s apparently settled just enough to cross over from sticky to the top of the door not closing all the way.
There are many electrical shortcomings in my duplex. Lucky for me, I have a friend who is an electrical engineer, and likes to work on houses. Of course, I don’t want to wear out my favors with him, but he’s started helping me with a few wiring projects here and there. I’m a bit sheepish when it comes to electricity (beyond installing new light fixtures, etc.), so it works out well for me.
Yes, things have apparently gotten this bad. I read an article in the LA Times this week that profiles a couple of homeowners who are CHOOSING foreclosure after doing the numbers. Sounds shocking, but it does make some sense.
Thus spake David Sambol, the president and chief operating officer of Countrywide, in an official statement today. But is that really fair? I mean, I’m not advocating throwing people out into the street or anything, and I don’t like to see people go into financial ruin, but when you sign up for an adjustable rate mortgage…. you’re signing up for an adjustable rate mortgage. That means that the rate ADJUSTS. You should be ready for that. It shouldn’t be a surprise.
Location location location. When I’m trying to rent my apartment, I’m not just trying to sell people on the space, I’m trying to sell them on the neighborhood, too. The last ad that I ran included a list of “neighborhoodhood amenities” — restaurants, coffeeshops, stores, bars, parks, etc., that were within 5-15 minutes walking distance. It helped catch the attention of people who were unfamiliar with the neighborhood, and made my apartment sound like it was right in the center of everything.
I recently found a website that lists that information for you automatically, and gives your location a “walkscore” - a rank between 0 and 100, 100 being th highest.
I have a friend who just bought a half-million dollar house on the lake for about $300,000. Why so cheap? The previous owners left it in sorry condition, and he plans to fix it up over the next couple of years, while living in it, and sell it for a hefty profit. The trouble is that he’s currently trying to sell his old house… and not having much luck in the current real estate market. Its been on the market for over two months, with only 5 showings. A second showing had him hopeful last week, but still no offers. Not even any low offers. And its a nice house.
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