Here's something that I am kind of unsure of. I've been reading and hearing in the podcast that you want to figure out what the rents are in an area so that you know if your rents are too low, too high, just right, etc. My question is, is how do you gain this information? Do you boldly knock on the door and get the contact information for the owners, do you talk to a real estate agent, knock on the doors of tenants and ask them what they are paying?
What are some good ways to obtain this type of information without being inconsiderate?
@Justin Schmitz I use www.rentometer.com, Zillow and craigslist for online sources of information. No one source is perfect, but like in finding property values without MLS access you can put together pieces of the puzzle to help you "zero in" on the market rents.
I have no affiliation with any of those mentioned above, just my own personal use/experience.
I have found a good tool is at www.rentrange.com
Thanks guys, I'll check these out!
Great tools mentioned above... another option is to call another landlord or PM as if you're a potential tenant and ask them about a listing they have and ask how much the rent is.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing