EVERYTHING attracts riff-raff but with pre-screening I never meet or talk to them, I just see them flow by in the spreadsheet ;) But our small studios DO get a lot of attention from losers.

They are TINY tiny. My ad title starts with "Starting Over?" The text talks about how you have to creative in your decor to make it work.

My target is older downsizing or just-getting-divorced people with pets.

Considering that you have a pretty constant stream of new properties available, wouldn't it be better and less frustrating to just sell this place and replace it with a better one?

Plus, we're likely near the top of the current cycle as far as prices go. Many places near where I am have doubled in the past 2-3 years (the lower priced places,that is). It's not a bad idea to take profits near the top and you can always delay taxes with a 1031 exchange or by doing deals in your ROTH IRA.

How much longer does it take to fill? Take the cost of the vacancy into account when you calculate cash flow.

"But you do have to weed through the chaff. "

I estimate I get over 100 inquires and only 1 or 2 are qualified . The unqualified ones either prescreen themselves out in their zillow questionnaire or my phone prescreen eliminates them.

NE, is there anything thing you can reasonably do that would change the perception of the property? Can you give it a facelift inside or outside in a way that might attract some better prospects?

I had a single family home for around 32 years. It was a large home, 2000 square feet in a good neighborhood. The first 10 years I had the best tenants, family oriented. Then as the rents went up and the market got more expensive, a simple family couldn't afford this rental anymore so I got "groups" living together. Someone always moved during the first year of the lease and their replacement tenant was horrible, leading to a breakdown and joy of living together.

" Have you ever sold a property due to the type of tenants it typically draws in? "

No, but I keep the properties that I have because of the good quality of tenants that it attracts.

I had a nice little 3+1 in a tree lined street, bought in in the 70's.

Then the 90's rolled in and I asked myself: Do you want to continue and hold on to this house? The street turned into trash lined street.

The the tenant asked me about an option to buy, he also mentioned that he can renovate it with free material thru his job (wink, wink).

I said: why not buy it straight away?

He secured a few private loans and was able to buy it. Then he fixed it up while living there and today the house looks way too good for the neighborhood. He managed to get $575K for it in January 2019 and the new owner just listed it for rent for $3,400/mo (He will be lucky to get $2,400).

Yes I have sold management intensive units. They are good for newbie landlords, but incompatible for higher levels of property management.

NE, we are all limited by time constraints this unit doesn’t provide you with anything but problems absent a constant input of your time.

NE,

Life’s too short to put up with difficult properties,

And it’s time for you to take your business to the next level.

Me? I’m in this for FREEDOM!! I do a 5 year study on Quicken to determine the true income provided. I’ve had properties I THOUGHT were good but the numbers showed otherwise.

And I add the hassle factor - in addition to turnover costs which will show on the Quicken report, each turnover gobbles up $1000 of YOUR time and FREEDOM!!!

We had a great executive home we were “saving” in case we wanted to downsize someday. It was bringing in top rent but every other year was some kind of major repair or costly eviction (BZT - before ZT). Over the past 5 years we averaged only $6/mo profit on this “great” house, so the house was worth about $3 a month net income.

We threw in some upgrades and sold it for a $27,000 profit.

Had another small house with turnovers. We made the front ultra cutesy and minor upgrades inside. Costs were minimal because it is SMALL. Rented immediately and she stayed...because it’s cute.

BRAD