Rental Property Units - Know your local market and price accordingly and keep a log book of the area!

Rental Property Units - Know your local market and price accordingly and keep a log book of the area!

Hello DG Members,

In the Midwest, I have began to notice more and more "For Rent" signs on various streets. I began to think about the buy and hold strategy and rental units. I believe the name of the game is to quickly get your unit rented and re-rentd. Nothing may hit the bottom line harder than an empty unit. Thus, know your local area rental rates based on size of the unit, area and condition of the unit. Do not just look in the local paper or on-line.

I had the idea of driving the area and when you see other "For Rent" signs call about the units. Write a summary log of the rental rates in your area, the street the rental is on and the date you called. This will assist you for a current rental or a future rental you may acquire down the road. I hope this helps. Good luck on your rentals and future deals! Believe and Achieve! Smiling - Joe

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Great Info

Thank you for the great idea driving around the area to get a good idea of what rental units go for. It's not very accurate going on-line or what's in the newspaper to see what the rental units go for all the time. I have also notice a great deal more rental signs on the west coast. So it only goes to shows you must take advantage of all the resources to get the rental units rented fast.


Rentals

Hi Joe,

I'm noticing alot more rentals in my area also. I see alot of for sale by owners converting to rentals also. Could this be any better of a signal? Could these be homeowner's Who couldn't sell and need our help? What's your take on this? Continued success..........Lubertha

__________________

"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Rentals

Hi Lubertha,

Why dont you go and talk to the homeowners and make a small talk and say I noticed that your property was forsale one time and now you are trying to rent it out. Obviously, the owners can't sell and have to find another way to pay their expenses. Maybe you can work out a deal and say let me buy your house and give me 30 to 60 days so I can find a buyer with lease with option to buy and you can make a big profit that way. Good luck !!

God Bless !!

Paul T. La Moy
Hudson Valley, N.Y.


How much rent to charge?

This is the link that will save you tons of time driving and making phone calls. It is fun to play around with and will show everything else renting in the area too! Smiling

http://www.rentometer.com/landlord


How much rent to charge ?

Hi Angela,

Thanks for the wonderful tool that you provided to our DG Family

Paul T. La Moy
Hudson Valley, N.Y.


Ray177,

Thanks for your reply and comments. It is so true how an area can change with rentals rate amounts. You want to ensure your rental rates are at or a little below market based on the age, condition and the ementities your unit may offer. The quicker you rent it, the more cash flow in your pocket. Good luck on your rentals. Believe and Achieve! Smiling - Joe

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Lubertha,

I believe you touched on a golden opportunity. Whenever I see a "or Rent" and a "For Sale" sign, I think there may be a great opportunity for a flexible seller. Thus, when you see this take action and talk to the seller, you may have just found your next deal! Good luck, Believe and Achieve! Smiling - Joe

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TWITTER - Follow me on Twitter at Joe Jurek CPA
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Paul,

Thanks for your thoughts. I believe this is a great idea and it gives you another potential option for a deal. I always say, the worst they can say is no, and you don't know if you don't ask! Good luck on your deals. Believe and Achieve. Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


Angela,

Thanks for the information and link. I am so happy that each day I learn more than the prvious day. I believe this information will help many DG students. Thanks again and good luck on your deals. Believe and Achieve! Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


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