My Real Estate Investing Strategies - entry 3

LEASED! One of the most challenging parts of the real estate investment process is keeping the property leased. We've been fortunate enough to easily lease this property.

Usually I don't show a property until it is vacant and we have cleaned and painted. That's because it's hard to get top dollar if the property doesn't look like it's worth it.

This time, I decided to put a sign out front and show it with the tenants still there. With all their stuff in the house, it didn't look so bad. My strategy for advertising is to post a sign in the yard and advertise on as many free sites as possible including this blog and my Web site. For this house I was getting about 3 inquiries a day. I showed the home about 6 times. It's priced high for the size but not for the convenient location or the improvements we plan to make so I was waiting for that person who saw the value and could afford it.

Property management companies have strict guidelines for approving a tenant but as this is my property, I do it differently. First I have a prospect fill out the Texas Association of REALTORS lease application. Then I call and verify employment and salary and previous residency to see if they pay their rent on time. For my clients, I do credit checks through instantbackgroundchecks.us. It's inexpensive and immediate.

For myself, I use my gut instincts. That doesn't work for everyone but I look at their body language, listen to the things they say and don't say. I look at how clean their car is. Do they ask things like "how many dogs do you allow," or say " we like to throw big parties and will invite you." Once I had a man tell me that his wife was divorcing him and he was filing bankruptcy. I took him because he was honest with me up front. He stayed in the house for 3 years and always paid promptly on the first.

Once I have approved the tenant, I give them a reasonable amount of time (3 days or so) to sign the lease and pay the security deposit in certified funds. We agreed on a move in date of April 1.

Next we start the cleanup, repairs and improvements. If you want to find out more, follow this blog as I chronicle our progress.

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If you are interested in finding out more about Austin, living in Austin, real estate or buying or selling a home in Austin, I want to be your REALTOR. And I appreciate your referrals as well. Call or email to find out how I can help you. 512.589.7988 or robin @robinscottrealtor.com
Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

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