Should I PANIC or ?????? - Posted by Bill

Posted by Bill on December 30, 1999 at 06:29:28:

Thanks for your response and took everything to heart.

Living, working and investing (if you can call it that) in Warsaw Poland. Thus the square meters.

I did do some analysis but to be honest no such thing as market rates. The rehab costs more as I thought I could get away with just doing some cosmetic work ( i.e paint window but must buy new windows, etc.).

The property is only for an office rental. Saved money on buying a kitchen etc.

Will buy a book on Landlording that is for sure.

Conclusion, decided to hold out till end of March to try and get the rental price I want. If not, than will lower the rental price and pray for some serious appreciation.

Again thanks for your time and help


Should I PANIC or ??? - Posted by Bill

Posted by Bill on December 21, 1999 at 10:28:47:

Hello all,

I bought a 40 sq meter apartment thinking I could rent it out easily. It is in a very favorable location. After remodelling, placing ads, etc. no renters have been found. Ads were placed over a two week period. Very few phone calls.

I paid all cash and if I were to sell it outight I would take a loss on it (remodelling killed me).

My question, would you hold out for a renter, or lower the rental price with a short term renter, or simply sell it at a loss. Lowering the rental price just makes my purchase not financially good.

Is there a standard waiting period to find a renter?


Not yet - Posted by Bud Branstetter

Posted by Bud Branstetter on December 22, 1999 at 10:14:26:


Where are you from that you use a sq meter description? I will try not to be to rough on you for buying rental property or going into a deal not knowing the expected rehab costs or real rental rates. Here are a couple of ideas. If you want to dump it offer owner financing but at a cash flow and price that makes sense. The interest rate and price is less important than softer terms. Depending on the time to reclaim may guide you to how much down.

To find tenants you can place flyers on cars at other apt. complexes. Go to hospitals or police stations in the area to let them know you have a nice apt for lease. You can offer terms such as 12th month free. You can go with six month leases and increase a few dollars.

Not to make you spend more money buy get a good landlording course. It will give you hints on marketing. An example is Jeff Taylor offering a lower rent but offering add-ons such as microwaves, bath sets, ceiling fans, or other amenities.