LARMI PM
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Help please, we need advice from R2R investors in the West Mids/beyond. We have our 1st R2R property in Dudley and are struggling to find decent tenant interest. We have none at the moment and have to pay the rent to the landlord, which is a bit hefty with no cash flow from the property!
We did our research and the area looked good for blue-collar workers and professionals like contractors. Prices per room were good too.
As soon as the house got ready to rent (which took longer than it should, we admit, a few weeks), we have done decent mobile photos&a vid, posted on the main websites for rooms: Spareroom, Openrent, Gumtree and Facebook Market (among others). We have also put some posters in local shops and some leaflets in Industrial Estates and even local hotel car parks (for contractors).
The only serious applicant is a man on benefits; it looks like by combining different ones he is able to pay the rent and have enough left to live fine, but we are worried that this would 'close the door' to having professionals in the house at all. We don't mind people on benefit, but the LHA basic rate would not cover the room price, unless they are able to top up or receive from different benefits (as this man can do).
What else can we do? Should we just accept people who are paid enough benefits, or bail out after only 3 months? Perhaps we can negotiate price we pay to landlords down? They wanted more when heard we were doing a 4 bed hmo but we managed to agree to original rent. They're not paying mortgage.
Please, we will appreciate any help or advice. We are happy to have a chat or PM directly if preferred.
Thank you in advance.
