Forums / Property Investing / Creative Investing / Help Finding First Tenant

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  • Profile photo of davidcavedavidcave
    Participant
    @davidcave
    Join Date: 2017
    Post Count: 2

    Hello Guys,

    I have my first property purchase underway. I close on a duplex in a college neighborhood in San Diego. Both units are 1 bed / 1 bath and I secured it using a VA loan. The closing date is 8/16.

    I wanted to get the ball rolling and started Pre-marketing the nicer unit on Monday 7/31. I wasn’t sure what the market value for rent was but I definitely set the initial price point high.

    For a 600 sq ft, 1 bed 1 bath, updated kitchen, hardwood floor, W/D set, private yard, and ~300 sq ft covered patio I set the price at $2100. I honestly wasn’t expecting any response at all.

    Within the first 1.5 days I got 4 leads. This past weekend I had a few more and a scheduled viewing for tomorrow. I contacted all the leads that came in earlier this week but I haven’t gotten a response back via phone or email. So I guess they lost interest.

    So does this validate that the price I am requesting is an honest value? Should I continue to market it at this price for the following week? What metrics do I use to determine if I need to drop the price or not?

    Thanks

    I didn’t find the right solution from the internet.
    References:
    https://www.biggerpockets.com/forums/52/topics/474058-help-finding-first-tenant
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    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    Mate firstly what is something worth?
    the answer; what someone is willing to pay. simple.

    If your getting someone who is happy to pay that and they see value, then thats a good deal for them, someone else may says its a rip off but if your tenant is happy thats all that matters.

    the main thing is the structure of the agreement, make sure your covered by your insurers and set a really specific and ass covering lease agreement.

    lastly if more than a couple are coming through and think its a ripand you cant find someone, well alter the price.

    Kind regards

    Jaxon Avery

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