Is this property rentable?

Question

Hello all,

I am new to this site and new to REI.  I am looking to start things off with a multifamily rental property where I live in one of the units.

I was hoping to find out some strategies that experienced investors use when determining if the property will be able to find tenants?  Do you lean on the Real Estate Agent?

Any help / advice would be greatly appreciated!

Thank you.

Frankie Woods · Answer

Rentometer is great!  You can also ask property management companies in the area.

Sibbir Noman · Answer

@Chris Mancini

Hi Chris - I'm a local investor and happy to share my 2 cents.

Chris Mancini · Answer

@arianpotter, thank you for the response, but as a brand new, potential, investor that is exactly what I am asking, how to learn the market.

@jon deavers, thank you for responding. I would be interested in connecting - i sent you a message.

Jon Deavers · Answer

Hi Chris,

Rentometer.com is a good quick-look tool and craigslist is a little more precise on seeing what's currently available. Where is the property you are considering? If it's a multi-family, based on what's currently available I'm guessing it's in Richmond's northside, in which case the answer would be a yes, it will rent fairly easily. I'd be happy to chat with you about rental areas in Richmond metro as the majority of my business revolves around helping investors find rental properties.

Arlan Potter · Answer

in my market, everything is rentable. How is the market in Richmond? Are there houses available for rent in the classifieds? What do RE agents say about the rental market. Study your area.