All Forum Posts by: Jessica B.

I know the Fair Market Rent for a two bedroom in my county is $691 from the HUD website. Over the past 3 years I've rented this property for 600/month. I'm turning it over to management and they have been unable to fill it at $600/month. So, I asked them if there was any reason we could not list it section 8. They said that section 8 only pays $525 for a two bedroom. Is my property manager correct about this? Is there a formula they use to determine what percentage of FMR they will pay?

Update:

It's a year later and I still have this duplex. The upper is now rented for $300. The lower is improving but inconsistent at $400. This year I should make about $1000, last year I lost about $3500...

My next goal is to lower its taxes. 

Talk to a credit union. You should be able to get a personal loan for amounts less than 50,000. If they can't do it, chances are they can at least point you in the right direction. 

Two thoughts

- You can "drive" down every street using google street view. Might be safer and cheaper.

- You might want to offer to take the investor out to coffee. Most love talking about what they do, but maybe not so much to a random person on the phone.

According to 

https://www.angieslist.com/articles/how-much-does-...

it is

For financial freedom check this site out

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Thanks for the advice. I'll reach out to an agent for comps and talk to my PM about rents.

@Brendon Woirhaye is there a formula that would determine it's value after I know the market rates for rent? Something like (profits)/(ideal return on investment) ex: 1600/.08=20,000. Fair market rent is closer to 500 for a 2br in the neighborhood.

@Randy Person it not in the nicest neighborhood and it's also not in the worst. As a smaller woman, I feel comfortable walking around the neighborhood alone, but wouldn't want to live there. You're right there's a lot of disinvestment in the city. 

16,000 to 58,000 is such a huge range to think about. Any perspective on which end high or low is more accurate?

It looks pretty good to me. I do see a few properties near buy for less, and a few for more. So if you're in a hurry to rent it, can you drop the price?