Rent Surveys

General Real Estate Investing
1

Hello,

I’m a newbie and was wondering if anyone knows of an easy way or source to determine what renters are paying in a particular neighborhood. I’ve been taught to actually knock on doors and ask renters themselves in a neighborhood but this seems kind of a hassle if you’re not even sure about the deal or not. For instance, I have a possible lease/option deal now that I can get into for $340 that is worth about $350K (I know I know, but the market is OK here and I figure I give a 2 yr option to the T/B for 364K or so and make a decent profit plus cash flow). The seller’s payment is $2,100/mo. I’ve checked sources such as Craigslist to see what comparable properties are renting for but was hoping there might be something more accurate, short of knocking on strangers doors. Any input is appreciated. Thanks.

2

In the past what I had done was get a list of Non Owner Occupied properties and cross reference them with the address of the owner. I would find out what state and area the owner was and then call if I was able to get the number. I would ask the owner of the property. I told them that I would share the information with each owner that gave me the information. If I had 10 numbers that were close to my sample I would then attempt to contact the renter, and ask them what they paid. I would offer a 20.00 walmart gift card. The information was priceless as I was able to determine what market rent was in the area. Once you have the information you can always monitor it by keeping good records.