Newbie here, question about rental properties

[Zak Klobucar]

Hi everyone, I am just getting started in the real estate game (Living in the northwest suburbs of Chicago), and have been reading and listening to the BP site for a few months now.  You are all great, thank you so much for all of your combined knowledge and thoughtful comments here!  

I am looking to start my venture into investing with either a small multi family (duplex of triplex), or a SFR, with the hopes of buying and holding for passive rental income. What I would like to know is where everyone gets their information regarding rental data for specific areas. I have been on www.city-data.com, and looked at sites like rent-o-meter.com and rent.com to see if there is a general interest in renting in particular places, along with just driving around to get a feel for certain areas...I guess I am just nervous to purchase a home, only to have it sit vacant for several months.  

I would like to do all of my due diligence prior to taking the plunge, so if anyone has any tips or pointers, I would really appreciate it.  Thanks again!

Zak

[Brendan H.]

Hi Zak Klobucar !

You're on the right track! Those are all great sources. Not sure how far you've gotten on the podcasts, but Ep 169 had some good Intel on Rents, etc. RentOMeter & Craigslist are great, as well as apartments.com

I would also recommend asking everyone you know (friends/work, etc) where they rented from. Then call those prop mgrs to see what they have available in the areas you are farming. You can just tell them you're considering renting in that area and what to know what's available.

As you drive the areas for dollars, call the for rent signs & ask what they're renting for as well.

As long as you are buying at the right price, you can always drop your rents a bit in a down economy, so you should never really go 2-3 months with a vacancy.

In the end, taking action is the most important step so make sure you don't get paralysis by analysis!

Good luck!