What is the best way to know if your house will get rented

Question

I found a house. I can buy it for 42k i think its worth 70k - 50k. I can pur 20% down. But, i dont know if the house will get rented.. what should I do?

Grant Rothenburger · Answer

Account Closed

Easy, get on Craigslist and look at other apartments/houses for rent in the area that are similar to what you will offer. Call the landlord and start a conversation, if you're lucky/ good at conversation, you can learn a lot from this person.

Jason D. · Answer

@Fili Aguirre learn the market. That's all you can do. Study local rentals, where they are priced, what amenities they have, and decide if this house meets the needs of a tenant

JD Martin · Answer

Well, if you don't know what that particular market is like for rent, there's not much anyone here can tell you.

Jaron Walling · Answer

I would start by researching the local market for rentals. Pretend you are a prospective renter and need a place to live. Look for properties similar to the one you're thinking about buying. Once you narrow down the rental rate you can run the numbers. You better cash flow every month if you're putting 20% down.

Costin I. · Answer

Account Closed - you don't know if the house will get rented OR you don't know what rent you can expect for the house?

If the house has serious problems (foundation, mold, leaking roof, busted mechanicals, plumbing leaks, etc.) or is in the middle of nowhere or otherwise in particular location/market/situation, then you have to wonder if it will get rented. Check on Zillow to see if there are any other rentals nearby and of course, you'll have to rehab it to rentable condition.

To figure out what rent you can expect, look for similar houses on Zillow, HotPads, Craigslist, rentometer.com, RentRange.com, Trulia and check with local agents and brokers (some might even run you a Lease CMA). We try to get several data points, eliminate the lowest and highest, average the rest and count on something close but less than the average (to ensure it can be rented fast and with little vacancy).

Evan Brookman · Answer

Just get it on the market to see. There is no one can directly tell you whether your property is easy to rent or not. But you need some work on deciding the price.

Dena Puliatti · Answer

Check into it to see what you need to do to get it on the market.  If you are going to rent it, it will probably need some work at that price.  Check Trulia, Lovely, Zillow and the like to see what is renting in the area.

Your best bet would be to call several property managers and get their opinions.  It's always best to rent quickly at a lower price than to let it sit vacant for several weeks.

What is the best way to know if your house will get rented

Most Popular Reply