We own a condo, but we got a great deal on a new house (new construction). We could afford to pay both mortgages in the worst case scenario (not having a renter). Our condo has been listed for rent for a little over a week and we got one hit on it...they offered $100 less than what we asked for. We're going to close on the new house on Oct. 31, and the tenants would wanna move into the condo on Nov. 15 (so, no double mortgages even though the mortgage on the new house is not due until Dec. 1). So, here is the question: Would you take this renter is offer at $100 less, or would you wait for someone who will pay what you ask?

PS: We are renting at a slight loss here since we could not sell without taking a huge loss. Eventually, this condo will start making money for us since we pay extra principal to get the sum down.

Thanks in advance for your ! Any rudewill be reported.
Thank you guys so much! There is only one other comparable rental on my street and they are asking for more in rent.

l have an ad on Craigslist and that is where our hit came from! It is also listed with our realtor.
Forgot to add, our real estate company is screening candidates and will run credit checks on those who are serious about renting.

no

l would say no. You're not hurting now and because of the problems people are having with buying there is a rising demand for rental property. I'd hold out for a while. All this, of course, depending on your local rental market. If you're in competition with alot of places you might consider it then.

You have until the 31st. So relax a second. Give yourself til the 21st. and then make a decision. That way the ones offering wo not be waiting too long for an answer. This will also give you a little more time for a next offer to come in.

Hope this is helpful.
Best Wishes & Congrats on the new space!

l do not know where u live, however everything l am reading about my area of the country says that people r having a much more difficult time getting mortgage loans, so rentals will be easier to fill. You might want to run an ad on Craigslist.com for a day or two & see if u get any interest. It also depends on ur gut feeling about the person asking for the discount. l once came down on rent for a couple who just rubbed me the right way. I've also not rented to people who just rubbed me the wrong way. Go with ur gut.
Good Luck & congrats on ur new house & new baby!

It might be a good deal if your condo is up against a lot of other rentals in the same price range.

Some landlords offer a free month is rent, so you may be in the same money position with a $1200 discount for the first year.

Check their references and credit.

It really depends on many factors. For one, u need to make sure this potential renter is willing & able to pay rent- Whether $100 less or all of it for that matter.

l would suggest that in order to have a better pool of candidates as renters, u run a credit check on them & make them sign an application. This will save u lots of headaches later. It is always best to screen ur potential renters, so u avoid nonpayment & possibly eviction actions later.

You can also check to see comparable rent around ur area based on the number of room & square footage. You can also list ur apartment with a realty company, l believe there is a small fee or the potential renter pays the fees. They r very good at screening good candidates.

Good Luck!

That depends on the renter. Hows his/her credit history? Does she or he have good referances? l would take into consideration way before the money aspect. If the renter seems ideal then accept the $100 less.

Tenant selection is the #1 most important part of being a landlord. If this is a good tenant, I'd take them.

The fact that they r negotiating so early would have me concerned however. They sound a bit like a pain in the ass already & I'd be inclined to say no.

As for the ''slight loss'' however, remember that u will be able to depreciate the home & tax gains should offset any slight loss.

Bottom line, if it is a good tenant, l would not lose them over $100/month.

Absolutely no.

For credit checks there is a service offered by ''findtheseller.com''. Never, ever, ever, ever, rent to someone without checking them out. It costs too much to evict.

You might try going to Craigslist.com, and then going to your regional entity. Offer the condo for rent there and also check the ''wanted - real estate'' for people looking for a place to live.

This depends.

Is this tenant financially stable? Non smoking? Do they own pets? Basically r they the ideal tenant? If so great, l would say give it to them. Otherwise forget it.

Since u only recieved 1 hit, ur doing something wrong.
**Do u have good multiple photos posted, showing a clean, well kept condo?

**How much r u asking for a damage desposit? Is ur asking price appropriate? Compare the age, condition, & whether ur condo has ever had cigarette smoke in it, to the other listings in ur area.

**MOST tenants will not even click on an ad that does not have proper photos.

Getting only 1 click means something needs to be changed. l am surprised this realtor of yours has not sat down with u & explained all this.

I'd give the realtor a boot from handling ur rental, especially since most tenants do not want to deal with a realtor. You can still request a credit check from the tenants. They can obtain thier own credit check online. If they r responsable tenants, & u both sound like a great match, they should have no issue providing u with the credit check.
**Consider posting that ad link, so l can help u better.

Take Care