I did the math. And, as much as it pained me to do so, I lowered the rent on the home in Fultondale. And, though a move-in special might have been the way to attract lots of potential tenants, because I have to pay Kirby a leasing fee, retainer fee and his property management fee I actually loose more money with a move-in special. Lowering the rent means--if I get a tenant soon--I will actually get some money in my pocket before October. A move-in special means I see something perhaps by November.
For now, we have the money to cover September's mortgage. So, I guess I am not officially super desperate. Just moderately desperate.
Kirby is getting calls, but no bites. Because he is too Southern, he hasn't said he is sick of this. But, I am guessing he is. Friday he suggested I lower the rent to about $200 less than it has been rented for in the past two years. I might get a long-term renter that way. However, I might just break even if everything works properly. The first thing that broke would put us over budget.
With the management fee, taxes going up next year and whatever other challenges, I would have to raise the rent next year anyway. Kirby's $200/month reduction would mean I skate this year and pay for it next year. Besides, I want a long-term renter who is willing to pay more now. It is a nice home. In a nice area. I can't believe I am having so much trouble finding this lovely person who thinks my house is as charming as I do.
So, I went ahead and lowered it $100 instead. I can live at $100 a month less for a few years.
That said, Marty and I have talked. We know the gamble. If all else fails, in two weeks, we will have a rent reduction and a move-in special.
But I hope not.
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