One More...why Isn't This Property Moving?
Please pardon the barrage of questions but I've been too busy to post 'em before.
The property in question is a 5 yr old 3/2 in the nicest neighborhood in town. Asking $129,900 (will easily appraise for this amount), $4000 Option deposit , $900/mo rent (average in the area is $750 - $850 for straight rental w/ no purchase option).
My ads have genertated TONS of calls and several showings but no one has "signed on the dotted line" yet. I suspect it's the $4000 Option Deposit that's killing the deal but I'm not sure. I'm in South Mississippi and as much as I love my home town, there are some broke folks down here. Great for finding motivated sellers and run-down houses but few have any cash. Those that do just buy through traditional means. Any suggestions/thoughts on this?
[addsig]
Hi,
I'm in the same exact boat with a home in South Texas.
I bought in the nicest neighborhood in Corpus Christi, running ads every Sunday in the paper, getting tons of calls and interest, but nothing has happened and it's been over 6 weeks now. I'm asking 1425 for a 4BR, rents around the area for a similar house are actually MORE and without the L/O.
I think our problem is that we bought in too nice of an area- the more middle or lower middle class areas are better for lease options.
One question that sometimes kills people's interest is when they ask me what the price of the house is. I tell them that we take appreciation into consideration, and then add in rent credits so you will be getting it below market. Still, when they hear the price they all seem so shocked and turned off.
I just decided to pay a property manager to find a tenant for me, and then I'll handle it from there. Hopefully, this does the trick.
Good luck to you.
Kevin