Determining Rent?
Im am interested in doing a LO on a home I am about to aquire and I would just like some insight on how you guys normaly determine monthy rent. I've heard $150 above costs, but I was more looking at where the best place is to pull comps for rentals besides the paper.
Thanks a lot
James
If you can make friends with a leasing agent who leases for a living then maybe they can give you 5 or 6 properties that resemble your property and are in close proximity to one another . From these properties you can get yourself an average price and determine what you can charge and if you offer a rent credit then you can get even more. I Like to make $100.00 to $200.00 extra if the market allows it.
Cruz
REA will also provide you comps provided that relationship is right.
Quote:I am interested in doing a LO on a home I am about to aquire James,
Are you planning to buy on a L/O, or are you planning to be the landlord-seller for a property you are about to acquire?
Planing on being the landlord. I might just sell the house if the rents in the area arent high enough.
I determine my rents by taking the average for the area for the type of property I am renting and subtract 10$. (Hate vacancies). If you are selling on a lease/op I would then add between 150-200$ to that price as the lease/op rental price. (I apply the additional to the purchase IF They exercise the option, if they do not I get to keep the extra rent .