December Tenants

Bahumbug!! December is probably the worst month of the year to try to rent a property.

Finding qualified new tenants in December has always been a challenge for us.  Think about it, if someone didn’t plan ahead enough to move their family before Christmas/New Years or cannot wait until after they are probably not going to the best tenant either.  Of course there are some exceptions: moving from far away, damage to their existing residence, etc.

We’ve added a lot of properties in 2012, I will post a summary after the year is over.

How did everyone else do in 2012?

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4 Responses to “ December Tenants ”

  1. Not as well as I wanted. I wanted to pick up one more property before 2012 was over. It looks like I won’t be buying another one until Feb.

    The new pad took a little more more money than I thought to remodel. Hopefully my last wholesale deal will cover those costs. . .

    Looking forward to seeing how 2012 shaped up for you.

    AG

  2. Chuck says:

    Steve,

    December vacancies are tough to fill. At least you have decent weather year round. Not sure how those up North rent things out with a foot of snow on the ground.

    My last December vacancy was filled after I closed on a property on Dec 7. I got the deposit and had it rented right before Christmas, but they did not move in until Jan. 1. It was a young couple moving out of their parents place. I did not have many candidates to choose from, but felt good about renting it out so quickly. I did set the rent a little lower than I would have in the Spring.

    Looking forward to your 2012 summary.

    Take Care,
    Chuck

  3. Seth says:

    I feel your pain Steve. I had a tenant move out this month too. Luckily I’m not terribly leveraged at the moment – but it’s still annoying. Hopefully both you AND we will be able to get some new tenants lined up asap.

  4. Ryan Skalla says:

    Man, You’re telling me! We had a vacancy from mid-October. Tried all our usual tricks like signs, craig’s, vflyer. Nothing, nothing, nothing. Then BOOM phone blew up every day starting January 2nd without doing anything differently. The previous years have proven similar.

    Rather than be frustrated by this, we’re automatically adding an extra month of holding costs to anything we buy in September or later. Also, doing everything we can to prevent a turnover during the last quarter of the year.

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