I have heard of rentometer.com as a good source for comparing rents. Or maybe work with a good realtor to provide a quick rundown of comparable rents in your target area.
It's always best to get the numbers specifically for the property if you want to be accurate. Otherwise work with a realtor and they will be able to supply you with the relevant info. Sometimes looking online does not always give you what you need.
Protip: Talk with property management companies as well.
Never approximate. Numbers should be based on actual comps. Use craigslist to see what rent is advertised for in the same area. Once you find a few comparable properties, monitor those listings to get a feel for how long it took to rent out.
If your comps include a few properties and the values are consistent one to another, you can safely take those values to be market value.
Welcome to Bigger Pockets. Consider sending messages to other members which is my favorite part of the website.
Thanks everyone for the posts. @Mike Huang thanks for the tip. I will make some calls, that will definitely go a long way. I am trying to make my proforma as thorough as possible so I don't dig myself into a hole.
@Patrick Kelly I use Craig's List also.
This post has been removed.
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
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!