--209.122.xx.xxx

GKarl, I wonder what wisdom seasoned landlords could honestly pass onto newbie landlords just getting into this business. Kind of tough telling a newbie to do this or do that, when none of that stuff is filling units with decent people these days.The tenant pool is so bad that many people here are selling off. That plus high sales prices. --24.152.xxx.xx

NE, the bloom is off the rose but no one realizes it yet. This is why anyone who's thinking about selling needs to do so now. A bad tenant pool and higher financing costs have not been factored in. What could a seasoned LL tell the newbies? I'd tell them if you must buy now, make sure you minimize leverage. The better case is to not buy at all though. At these prices, there's no room for error. --209.122.xx.xxx

Now I'm thinking. As my attempts to rent an upcoming vacancy is not rolling along so well. --172.59.xxx.xx

Welcome to the Sellers Club. --69.130.xxx.xxx

Plenty, are you thinking of selling instead? --76.129.xxx.xx

Yes. We sold the property next door a few months ago. And been wanting to exit this neighboring property fora while now. --172.58.xxx.xxx

In 30 years I’ve never seen a better time to sell. --199.200.xx.xxx

Why do you think the tenant pool has dried up? All good ones bought when interest rates were low? Good ones are staying put in their existing places? --68.186.xx.xxx

Personally, I think rents have just gotten too high and and people are simply pulling back. Keep in mind that everything else has gone up as well. The only people looking are those who have to move due to eviction, unstable life and etc. I think rents will have to drop by 20% or so to bring things back into equilibrium. That also means the real estate prices will need to drop as well. That's going to problematic for anyone who bought recently. I think the fire sales we're seeing on office properties will come to MFH. It won't be as bad as office, but it's going to hurt those who bought recently assuming certain rent and vacancy levels. Rent concessions will be far steeper and vacancy rates/losses far higher than anyone anticipated. There are two sorts of investors here IMHO; pre-covid and post COVID. Anyone who's pre COVID and isn't highly leveraged will probably be fine. Depending on the particulars, post COVID newbies will probably have problems. --172.58.xxx.xxx

--184.4.xx.xx

Still sorry to hear that you are suffering from bad prospects. Fortunately we are always late to the party so there is still a shortage of rentals here as well as a few decent prospects. Word of mouth has been great for me of late. --107.147.xx.xx

I too see the roots of Stagflation settling in. The good news is the spread isn't as big as it was in the 1970's. Where now might be a good time to sell, I believe it is a better time to be the bank. --24.101.xxx.xxx

Just put up yard signs at cross roads today. Going to see if that helps any. Otherwise I'm selling this property. Lots of reasons this is just the reason the bothers me the most! --172.59.xxx.xxx

This is a nice place these guys are excited to get. It's a shame I couldn't find a decent tenant. --172.59.xxx.xxx

Following! Glad it's going well! --172.59.xxx.xxx

Maybe an example? --76.129.xxx.xx

Had I waited another few months the market started turning and I would have made more for sure. --107.147.xx.xx

Zero--Waiving the inspection is a biggie with me particularly since I had one done and have been giving the report out. They can inspect for there own information only, but not to negotiate the price. The guy with escalation is waiving it and that makes his offer attractive. --209.122.xx.xxx

Thank you, GKARL. --76.129.xxx.xx

It's Friday morning... have you closed yet? --107.147.xx.xx

I'm holding off accepting until I complete the open houses this weekend. I might pull an all cash offer. I set a deadline for best and highest next Thursday at noon. --209.122.xx.xxx

So there's still time for me to submit my offer! --107.147.xx.xx

Zero, LOL. You've got some stiff competition. Just had my first open house today and one guy wanted to know what it would take to get the place. He's going to submit an offer 18k over my asking which will beat out everyone. He's an investor, says he wants to add to his portfolio and is tired of losing our by being out bid. --209.122.xx.xxx

Let me correct a typo. The one buyer who viewed today is proposing an offer 28k over asking, not 18k. There are two others right behind him at 27k and 25k over asking. Definitely a hot market. You hear about these things but quite another to experience it. --209.122.xx.xxx

Rented it out for the most ever, but if I had not paid cash the financing would have been more than the rents. --107.147.xx.xx

It could very well be that these guys have better luck filling with good tenants. Actually, I have one very good tenant in there now that I placed last summer, it's just here recently that I've encountered a "slugfest" to fill the empty which made me decide to sell. They're betting on future appreciation whereas I'm as cash now sort of guy. It's a good move to sell it IMHO. --209.122.xx.xxx