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“It’s already been rented”

April 27, 2014

We have been busy the last couple of weeks. We got notice on Property 7 that our tenants would be moving as they are purchasing a new home. These are good tenants that we hated to see leave. They gave almost the full 30 day notice and more importantly they left the place in excellent condition. The biggest challenge was the outside landscaping. They let it get out of control a bit, but some of this is just due to the Spring weather and everything taking off all at once.

We got notice a few days after they paid rent last month. They said they would be in their new house on May 1. The did advise they would probably have most of the belongings out the week before and they would use the last week to clean and leisurely move. “Wow..I have not heard that too often.”

Val and I walked through the house a few times before they moved out. We we were looking for what would need to be done, but were suprised at how well the house looked. It was all minor stuff. Our plan was to have the carpets cleaned (2 of the 3 bedrooms and a living area), minor touch-up on the paint, replace the microwave (cheaper to replace than repair) and then the landscaping.

All went according to plan. We placed our sign in the yard the weekend after we got notice. We used the tube flyer with a note at the bottom that said, “Do not disturb the tenants – Property Available May 1”. I put the directional signs at a few major street corners on the weekends.

We received lots of calls and some strong candidates. We had several good Applications filled out 2 weeks before they moved. We had a Mom and daughter with 2 jobs and a Social Security check that moved to the front of the line quickly. They were one of the first ones to inquire about the house. Their story was they were getting forced out as their current landlord was selling the home. We could not show them the house right away as our tenants had not moved out and we wanted to clean it up. In the meantime, Val got paystubs, tracked down the current landlord, verified previous landlord, etc. This was her obvious first choice even after we had numerous other good candidates drop by as were working in the front yard last weekend.

Tonight Val met them at the house for the first look inside the home. They loved it, put the deposit down and the house is rented. This was our first vacancy in almost 18 months and we learned quite a bit about the market in this area that we did not know.

This was a very smooth tenant turnover with a nice rent increase. There are lots of blog posts here…just been really busy. I can tell you the rental market for this niche (Strong Class B neighborhood) is very strong right now. We are going to have some people very upset next week when they call back and we tell them we have already rented the house.

A few numbers:

Previous Rent: $1,135

New Rent: $1,250

Tenant Tenure:  24 months

Days vacant: 9 days

Total Rehab: Not sure yet, but somewhere around $500 – $750

From → Landlord

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