Updated over 12 years ago on . Most recent reply
I built a new house in a bad section of , only 2 lookers in 6 months
I built a new house in a lower income part of town, my investment 100,000.00.
How much should I rent the house for? If it can be rented and best way to go about it.. I'm considering maybe trying a lease purchase??? What do you think?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Is the property on the MLS? If not, get it there.
Is the property priced right? If its currently on the MLS and you've had two showings in six months its overpriced. Simple as that. I'd say its so overpriced that you're not even getting lookers. It just doesn't pass whatever screening criteria people apply in that area.
Realize that the money you have invested is irrelevant in both pricing the property to sell and setting the rents. The market sets both of those prices. You have to first figure out the market price or rent, then work backwards to figure out what to invest. Its is very, very easy to spend too much money in building or rehabbing.
Lease options or some other form of owner financing may help, provided you can stand to do it. Is your own cash in this? A bank loan? A private or hard money loan? All these will affect your ability to sell with owner financing.