I wasn`t very clear.
I meant that most investors and owners are really not
up to date on rents and that is the easiest way to
create value.
An example - fsbo ad appears in I respond immediately
and pick up 9 unit apt bldg at great price - take rents
up to where I thought they could be and sell bldg 7
months later for $215,000 profit.
We should be experts at pricing but Rents are key.
I look at every rent sign in my area when I see them
and study them in classifieds each day. Good Luck.
L/O luck with postcards to renters? - Posted by Scott (ATL)
Posted by Scott (ATL) on September 29, 2003 at 19:50:19:
Even though my current property is listed for a rent that is offered and paid in its neighborhood my response is not that great. I’ve had a huge jump in calls from signs I placed this weekend (Wow, I knew people said signs work but Wow…we’re talking 5 calls from a classified ad to 60+ from two days of signs out) but most are not leaving a message which if fine…the ones that are don’t have the cash and could barely rent with what they have.
So, I’m thinking of sending a mailing to apartments in the area. I of course don’t know when there leases are up or if they are in the range for this 280k+ home but has anyone had a good experience with postcards to renters?
You don’t know until your try. However, you might want to talk to some real esate agents who “farm” that area or have recently sold some properties there.
I suspect that the buyers of properties in that price range are not moving from apartments, but from somewhat less expensive neighborhoods. Perhaps you could try to get into the sight of people who are moving into the area and are prospective buyers in the neighborhood. Bob Bruss often encourages people moving to reand for a while to test a neighborhood. And he even recommends doing lease-options.
Posted by Brent_IL on October 01, 2003 at 13:29:10:
I may be in a dullard phase, or this might be too esoteric for me right now, but I don’t understand why the ability to rent well is more important than acquisition costs. Would you elaborate?