How to decide how much to charge in rent
4 Replies
Tyler Winchell
posted over 1 year ago
If you buy a duplex for let's say 60k and after fix up it's worth 100k do you charge 1% of its value so 1k a month?
Sean McDonnell
Real Estate Agent from Surf City, NC
replied over 1 year ago
Rent is dictated by your local market, not the value of the property. Rentometer.com is a good resource to get a general idea of what a property will rent for.
Tyler Winchell
replied over 1 year ago
Originally posted by @Sean McDonnell :Rent is dictated by your local market, not the value of the property. Rentometer.com is a good resource to get a general idea of what a property will rent for.
Gotcha, bc when I googled it said most landlords do 1% of the value
Claudio Valdivia
Real Estate Agent from Virginia Beach, VA
replied over 1 year ago
@Tyler Winchell For a quick reference you can use rentometer.com. I would suggest developing a relationship with a local real estate agent or property manager as they can easily pull rent comps for you from the local MLS.
Tyler Winchell
replied over 1 year ago
Originally posted by @Claudio Valdivia :@Tyler Winchell For a quick reference you can use rentometer.com. I would suggest developing a relationship with a local real estate agent or property manager as they can easily pull rent comps for you from the local MLS.
Gotcha I'm just researching first bc I'm stationed in hawaii and want to start when I get out but I dont wanna get real estate that only goimg to rent for 400 or 5 and only make like 150-200 a door.