My husband and I like looking for cheap apartments as investment properties throughout Portland. They have managed to help us bring in some additional income that we have definitely put to good use.
My husband and I like looking for cheap apartments as investment properties throughout our hometown. They have managed to help us bring in some additional income that we have definitely put to good use. A few weeks ago, our tenants in one of the apartments gave us their thirty day notice. My husband wasted no time in putting an apartment for rent sign in the window of the house. He also placed an apartment for rent ad in the local newspapers.
Within twenty-four hours, we had received a dozen phone calls from interested people. I started to keep a list of their names and phone numbers saying that we'd get back to them. We didn't want to show the apartment until the weekend, which was still several days away. Forty-eight hours after announcing that we had an apartment for rent, we had fifty phone calls. I was starting to go a little bit insane and thinking that we could easily ask more for rent. We now had ten people lined up to see the apartment. I was tired of the phone ringing. Let me also say this, it amazed me that some people had the nerve to call at the oddest of hours. There is no way I'm talking to someone about an apartment for rent at midnight. I didn't even bother to take his information, I just hung up unhappily. I called the newspaper the next day and asked them to remove the apartment for rent ad. There was no way that I could deal with another fifty phone calls. Sure enough though, when I got home, our answering machine told us that we had fifteen new calls. I could not believe that there were that many people in our area who were looking for an apartment to rent. I called the current tenant and asked him to remove the apartment for rent sign from their window.
My husband started showing the apartment that weekend and was amazed at some of the quality, or lack of, that people displayed. Some people couldn't provide any references. My personal favorite was the barely legal aged girl who didn't have a job or any references and said that her married boyfriend was finding her an apartment for rent so that she could be closer to him. I couldn't help wondering if her married boyfriend was anyone that I knew. When your renting cheap apartments as investment property you have to keep reminding yourself its rental income and not get persoanally attached to the property.
