Hi everyone, I think this is a fairly basic question, but maybe some of you have experienced the same when you started out. I'm trying to determine how out of state investors get a good sense of the rents you could earn in different neighborhoods of the areas you are looking at? My husband and I have narrowed in on Cincinnati, but looking at realtor.com, zillow, craigslist, etc does not turn out a lot of information. We have asked the real estate agent we are working with, but she has said it really depends on the property.....the issue with that is it becomes difficult to run numbers to see what is worth pursuing or not. I don't want to have to go through hundreds of MLS properties, think something looks nice, then talk to the agent to find out the numbers don't make sense. Does anyone have any suggestions or tips?
I invest in Cincinnati and when I first started out I used Craigslist as my main tool, just to see what ballpark owner's were even advertising for rent. What part of Cincinnati is the rental located in? I may be able to assist or find someone who own's a rental in the area.
@David Michael Thanks for you quick response. Definitely asking the agent to do so as well.
@Craig H. Thank you - started looking at Craigslist but wasn't seeing a lot and so figured I'd see if other had other sites/ideas. We are considering a few areas, but will be making a trip in 2 weeks to see several properties and the areas to get a stronger sense of where we think it makes sense to focus on. Appreciate the offer for help and may reach back out once we feel strongly on 2/3 areas!
Hey again @Erika Graham ! Rentometer is a great place to get a quick ballpark idea of rents, and my next step would be to post about the specifics on here to see what other Cincy investors think of your deal/apartment. Or you could send it to your agent here and see what they have to say about it.
@Erika Graham you're running into such a strong pain point of working on market. I do everything off market and this is part of the reason! If you're set on Cincinnati I'd start interviewing property managers and ask them if they can give you an idea of rent rates if you send over properties that you're considering!