Is there a rule of thumb in rent prices? I have a small 3/1 home that is worth about 50k. I paid 40k for it. My payments are $379 per month. This is a peer and beam home. How do I go about determining rent prices. Duplexes a few miles from me get about $500 per month. And also, where do I get the contracts, and screening tenants?
Thanks
Hi Rusty26,
A couple ideas for you.
You can call a local realtor and ask them what houses are renting for in your area. I have had them give me rent comps before without a problem.
You may also drive the neighborhoods and call rent signs to see what they are asking.
As far as contracts.
I was able to find some at the library looking at tennant LandLord rights books.
Good Luck to you.
Gary
Discalmer: I have never been a landlord.
But I have friends that are and I have been doing my reseach. on the subject. The landlord kit is the best book my frineds and club say so who am i to mess with that.
the writer of the book as this web site too.
http://www.mrlandlord.com/
Don’t try to strecth the rent in your area trying to match the rent to your mortgage payment. Whatever is the existing rent there…that will be it. Lets say you try to get it even a lot more than what your mortgage is, you might winded up for a long vacancy. Thats why a due diligence before buying a property you know whats the market there.
Try http://youcheckcredit.com ,and it even have free tenants credit appication forms.
hi “rent prices”
what the traffic will bear!! look in the news,put an add inn,
get the people to look at it. tenants shop price mainly.
any “contract” you have is for the tenants benifit,not yours.
if your lucky to get a tenant to look,there is not much point inn
screening them.
moke
ps do motels screen the renters?