New York City, NY · Member since 2017 · 247 posts · 123 votes
Hey guys, i recently purchased my first property and I am going to house hack the property. Besides Zillow, how else are people marketing their unit around this area. I did some comps on my unit and for a three bedroom, its looks like a range of 1700-2100. If anyone one is familiar with this area, I would like to also know if my comps make sense.
Flipper/Rehabber · Lyndhurst, NJ · Member since 2016 · 118 posts · 54 votes
7y
Hey Ronnie,
Take a look at it from this angle: one of the factors that will help push your rent in the higher range is the condition and layout of the unit. Another factor is proximity to train station. How does your unit compare with other 3br in the area? How much are they asking for the same condition?
Start by looking at what's available at the higher range, and compare yours with those.
If the renter can get a better "deal" renting another unit that's the same price and overall better than yours, you unit won't go as fast.
New York City, NY · Member since 2017 · 247 posts · 123 votes
7y
@Kelly Arthur I used that to verify my comps. I also went on Craigslist to see what rentals are going for in this area as well. I am still having issues getting people to come see the unit. i think my step is to reach out to local rental agents.
Hey guys, i recently purchased my first property and I am going to house hack the property. Besides Zillow, how else are people marketing their unit around this area. I did some comps on my unit and for a three bedroom, its looks like a range of 1700-2100. If anyone one is familiar with this area, I would like to also know if my comps make sense.
Hey man,
Just I rented out a unit last month in Rahway. Craigslist is very active in our area and can bring many calls. I also used Zillow which included Trulia and Hotpads. Honestly, those are sufficient enough....I received more calls than I could handle (a bit overwhelming lol)
Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
7y
Rahway can be really specific to the particular neighborhood, varying by as much as 30%. Id try to keep your comps as tight as possible to the neighborhood of the home.
Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
7y
Also, if you're having trouble getting people to come look at the unit, it's likely priced too high. I know the market pretty well and have a good friend with a few properties. Send me the link of your place and I can give you my opinion on what your rent should be.
New York City, NY · Member since 2017 · 247 posts · 123 votes
7y
Hey @Alex Staunton I actually finally got the unit rented! I actually thought I was priced under market. It was a renovated 3 bedroom one 1 bathroom with washer and dryer, driveway and garage for 2K. It has stainless steel appliances and its in a two family.
Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
7y
Nice work @Ronny Tiburcio, you did well, it seems like you got the top end or at least near it for Rahway, especially only with the 1 bathroom. Did you do the work yourself or did you use some local contractors? If local contractors, do you have any recommendations? I'm closing on an REO 2 BR by the train this week. I haven't seen the inside yet but assuming it's gonna need some significant work.
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
7y
Next time ask your realtor to run comps for you. Find out how many are on the market (including days on market), and what's rented and how many days it rented in. Based upon the data you should be able to tell which direction the market is trending and how much it should rent for based upon that time of the year.
New York City, NY · Member since 2017 · 247 posts · 123 votes
7y
@Alex Staunton Hey I actually purchased the property at retail price and it was move in ready with somewhat high end finishes so the property did not really require any work. I wish i can recommend a local contractor but so far, I don't have anyone local, i am comfortable recommending. Good luck with your new acquisition. If you don't mind, I would love to take a look at it once you officially close.
Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
7y
@Ronny Tiburcio Closed but turns out it was occupied. Doesn't seem like that bad of a scenario though. The apartment isn't in great shape but it's not awful. He was on a month to month lease for $900. I closed March 21st but wasn't able to get in touch with the tenant until April 2nd. He gave me $900 for April and is going to give me $900 for May. In June, I'll raise the rent to $1,300/$1,400. If he decides to move out cuz of the increase, I'll renovate. You can definitely come by to take a look when it's vacant.