@Michael Lewis I also have single families that don’t have garages. I have had prospective tenants tell me that they wouldn’t look at a house without a garage, but that’s pretty rare (maybe 1 out of 25 or 30) and I’ve had no trouble renting them at market rates (comparable to houses with a garage). For the right tenant (e g motorcycle owner) you might be able to charge a premium for a garage, but probably not enough to justify putting $ into one.
Two things about city of Cleveland garages:
1) even if you have one, its generally not in great shape (and tenants dont expect them to be)
2) I just picked up rents yesterday- every tenant who has a garage had their car parked outside. This holds true even in the winter
Bottom line, no garage is not going to create a rentability problem here.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you