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Gary, Both Buyer and Seller in Dayton, OH

Turnaround time on placing new tenants in a rental - Dayton Ohio

Asked by Gary, Dayton, OH Tue Jul 29, 2008

My wife and I have decided to rent out our current home. We have a 3 bd 1 bth 2 car in Huber Heights, OH. New carpet, fresh paint, etc. We are still living in it but could probably get it completely ready (new kitchen floor and patio door) in a few weeks if need be. So I am trying to figure out a few questions.

First, how feasible is it to advertise for rent on militarybyower.com and ahrn.com while living in the home? The idea is that we will purchase a new home in Beavercreek once we have a tenant. I realize there are timing issues with closing and occupancy (but there are alot of immediate occ.)

Second, what do most renters demand/expect as far as timing? Do they want to move in next week, next month, etc?

The main goal as always is to spend the least, so we want to limit the amount of months of double mortgage payments. Please give me any input you want. Give me a somewhat detailed timeline that you would foresee if you were running this type of transaction Thx!

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Gary,

I know from experience in owning rentals myself, and representing clients as their property manager exactly what you are looking for. Militarybyower.com and ahrn.com I have not had any success with, but craigslist.com I have had A LOT of success with. Most renters want to move in a month or less, depending on their current situation. If you have any other questions, then please feel free to contact me at anytime. I'd be happy to walk you through the rental process and help you find a new home!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
0 votes Thank Flag Link Fri Aug 8, 2008
Thanks for the input so far. To answer some of the questions:

Are driving force is the desire to get in to the rental world for wealth purposes, coupled with the nice new rate we have.

As far as being able to carry two mortgages, that is definitely a good point. Our house hold gross is right at $100 - $105. We have zero credit card debt, a mortgage of $84k (640/month including insurance and tax) a car loan of $7k ($250/month), and then student loans, which goes to my next question. Do lenders look more at the debt balance or the monthly obligation? I ask because we (my wife and I) have a total of 5 student loans for $47k with a total monthly obligation of $570/month but, I can consolidate my half and get my payment reduced so that the total monthly is down to around $350/month. So, will a consolidation help me or be no factor, I wonder.

Besides those payments listed above, we have no other debts, and our credit scores are approaching 800 (780 & 770 when I last talked to a mortgage broker 5-6 months ago).

So, I give you all this info to see what your first reaction would be as far as confidence in acquiring a second loan. I realize the market and industry is quickly changing in that regard but I'd love to hear your first instinct.

Next question, what is the best way to shop for a loan? I used a broker 3 years ago and still have contact with her. Should I shop between several brokers? Or, should I instead, just shop all the local banks and credit unions?

I think that's all my questions for now. Feel free to give me any input that you think may apply. Thanks everyone.
0 votes Thank Flag Link Wed Jul 30, 2008
Very good advice below.

If you can answer those questions, then to answer some of your specific questions:

I've never tried militarybyowner.com, but have heard good things about it. Also use CraigsList and anything else available.

Yes, it is feasible to try renting while still living in the home.

Regarding timing, most renters are looking 31-60 days out. That is, they start looking for a new place when they have between a month and two months left on their lease at the current property. They know that if they start looking earlier, the property is likely to be rented in the interim; if they start looking later, they may end up without a place to live...or at least a place they'd like to live in.

You do NOT want a tenant who can move in in a week or two. That most likely means they're running out on their current lease.

One other point: Some Realtors specialize in rentals. Honestly, most don't because there's very little commission involved. But some have it down to a science, and it helps establish a relationship with the homeowner so that, when the owner decides to sell, that Realtor is the first one you'll think of. I've used Realtors to handle the process on a rental property I have (after having done it myself for years), and it's some of the best money I've ever spent. Really. Commissions are negotiable, but it'll probably cost approximately the equivalent of one month's rent.

If you want to do it yourself, one of the best sites out there is MrLandlord: http://www.mrlandlord.com/ In fact, even if you decide to use a Realtor, MrLandlord is excellent.

Hope that helps.
Web Reference: http://www.mrlandlord.com/
0 votes Thank Flag Link Tue Jul 29, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Grace is somewhat correct in her thinking. It would be good to know if you can carry both mortgages, so the first step is to get pre-approved by a REPUTABLE lender - do not scour the paper and internet for the lowest rate advertiser, contact a TRUE professional and find a lender that has a good reputation. i would be glad to help you with this if you need a referral.

Also, are you considering renting because someone may have told you that sales are slow and prices are low? Or are you looking to keep the home as an investment property to build long term wealth? There are several factors and things that go into rental homes that you need to condsider, just let us know if you need help and we will be there to help you.

Good Luck!
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Tue Jul 29, 2008
I guess my biggest concern would be a question -- have you talked to a lender to verify that you can carry two loans? Rules have changed and tightened so check with your lender before you do anything.
0 votes Thank Flag Link Tue Jul 29, 2008
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