New To The Game - Q About Determinig Rent
Hello - I'm brand new here and would like to build some momentum. I currently have one property that I rented out after getting married. It isn't a cash flow gem but the appreciation has been great over the past two years.
My plan is to learn the ropes, start slow and small, and gradually increase my income until I can ditch my corporate job - time frame three years. I currently have some disposable cash and am looking for something that will break even after all expenses but on a 15 year loan to build some equity.
On to the Q:
In workign the numbers, how does one determine the potental rental income on a particular unit. An easy way is to check the newspaper for units in the same complex, development but this route is not always available. How would one determine rental fair rent prices in locations in other states?
Thanks,
brian
I also am trying to determine rents. We are just finishing a rehab and will be renting soon. I have been following the newspapers and tracking rents that way. I also have been picking realtors brains. I have gone to open houses with different realtors and just started talking to them. Some are helpfull, others not. We also got a lot of good information from neighbors at our current rental house, she rented in the neighborhood and was very informative....
Kim
Hi Brian,
I usually check the Reader in Chicago. I'd check the local paper or the Trib where you are. I personally wouldn't try to rent property in other states until I get a lot of experience.
For local rentals, I just check the newspaper and perhaps call the ads that seem similar to what you have to see how motivated they seem.
I wouldn't talk to realtor unless they specialize in rentals. I have my RE lisence and it came with no special knowledge of rental rates.
I hope this helps. Best of luck to you.
Ted