Rental Rates

[Matthew Ficorilli]

My partner and I are at the point where we are looking for our first investment property. We are having some confusion on how to assess rental rates in the areas we are looking in. Are there any websites to check on rental rates in a certain area? If not, how do you determine at what you set your rental rate at?

[Michael Wagner]

Check the classifieds. Peruse Craigslist. Drive through your neighborhood and call any for rent signs. Walk through available units to see how they compare to the ones you will provide. Should be able to answer this question after an afternoon's worth of due diligence.