Tuesday, August 10, 2010
We got some good news yesterday: we have a renter for the condo!
I put an ad with photos on Craigs List last Mon, and our leasing agent/property manager listed the unit in the MLS last Tues, and yesterday she called me to say they had processed an application and everything (credit, employment, rental history, etc.) checked out great. The applicant told our agent she just loved the place. She moves in on the 28th.
Needless to say, we are very happy about this, for several reasons. The most important, obviously, is that we will begin getting the rental income sooner rather than later.
It also validated the choices we made about the finishes used and the level of renovation. We could have spent twice as much for a similar look, but we were careful not to get carried away. We saved and reused what we could, and selected in-stock items that had a custom look. I still can't get over how great the kitchen turned out.
Further, it validated the price we selected. I spoke with the manager of a nearby rental community that has units the same size as ours. She told me she had just completed a rental survey of comparable units in the area. Spouse & I decided to price ours a few bucks less than what the rental survey showed, and this strategy worked. Our goal was to get a qualified renter quickly by under-pricing the competition by a few bucks a month.
If we had the cash to do it again, we certainly would. I would love to repeat this experience again and again, and have a handful of rental units. Plus, I find it really gratifying to take a 'distressed' unit with peeling paint, nasty carpet, outdated kitchen, outdated electrical, etc. and make it into a chic urban living space. Yeah, I'm doing it for the money, but I'm also doing it to improve the building and community.
Crush du Jour: Josh Kloss