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Ways to determine max rent to charge
Posted on 11/3/13 at 5:47 pm
Posted on 11/3/13 at 5:47 pm
Bought a unit about 7years ago. Set the rent to cover mortgage, HOA, taxes and 1-2% in reserves. I have had the same tenant for the entire time. Have not raised the rent but the tenant did start sending me more money voluntarily after he heard there was a increase in HOA dues.
He was diagnosed with lung cancer (90 years old) so has moved into hospice care at a relatives house.
I have looked at properties for rent in the area online, but it is hard to determine how that translates into a justifiable rent on my property because mine includes utilities.
Any online tools and advice would be appreciated.
He was diagnosed with lung cancer (90 years old) so has moved into hospice care at a relatives house.
I have looked at properties for rent in the area online, but it is hard to determine how that translates into a justifiable rent on my property because mine includes utilities.
Any online tools and advice would be appreciated.
6
Posted on 11/3/13 at 6:05 pm to StrangeBrew
quote:
Have not raised the rent but the tenant did start sending me more money voluntarily after he heard there was a increase in HOA dues.
what an idiot.
Posted on 11/3/13 at 7:47 pm to LSUzealot
quote:
what an idiot.
Sounds to me like someone who understood they were getting a hell of a deal on their rent for years and decided they wanted to do something good in return. Its called paying it forward. Just goes to show that there are still some people with values.
Posted on 11/3/13 at 9:08 pm to StrangeBrew
Pretend you are from out of town or something and call a realtor or relocation company.
Posted on 11/3/13 at 9:52 pm to StrangeBrew
When you advertise if your phone is flooded with calls, you are charging too little. If your phone doesn't ring at all, you are charging too much.
Posted on 11/3/13 at 10:18 pm to StrangeBrew
If you have a realtor friend just call them and ask. If they don't know, they probably have a property manager at their company that would know. Do you pay the utilities or does the hoa pay them? If you personally pay them, just stop and make them pay them and charge market rent. If you pay utilities most tenants will abuse that. I have quite a few rental properties and when the haynesville shale was booming, we rented them fully furnished with bills paid. We would routinely stop by during the summer and all the doors and windows would be open and the ac would be turned on.
Posted on 11/4/13 at 1:24 pm to StrangeBrew
quote:
Set the rent to cover mortgage, HOA, taxes and 1-2% in reserves.
It wouldn't be worth it to me to make less than $400/month profit, but YMMV
Posted on 11/4/13 at 1:45 pm to Motorboat
I'd definitely just not include utilities if that is your problem. Unless utilities are included in HOA. If you have a HOA and are condos why not just see what the others are renting for?
Posted on 11/4/13 at 3:10 pm to Motorboat
quote:
It wouldn't be worth it to me to make less than $400/month profit, but YMMV
I hear you, but at the time I was struggling and just wanted to get the expenses covered. A couple of months went by with no tenant and I had to come 100% out of pocket.
The HOA covers the utilities, so I can not just pass that burden on to the tenant.
Other units for lease in the area are newer and updated so not really true comps.
Posted on 11/4/13 at 6:57 pm to Mr.Perfect
quote:
Pretend you are from out of town or something and call a realtor or relocation company.
while you're at it call an attorney and act like a report writing a story on legal advice.
Posted on 11/4/13 at 7:27 pm to bryso
quote:
while you're at it call an attorney and act like a report writing a story on legal advice.
One is looking for specific information and ranges. The other is generic.
Nice try at being an arse.
Posted on 11/5/13 at 10:38 am to StrangeBrew
0.83-1% of what the property is worth is a good starting point. Somewhere in that range. Older properties tend to be closer to 0.83 while newer can command 1% (or even more).
I have a 3 year old house in a great school district. Worth probably $205,000, I get $2000 a month with no problem.
I have a 30 year old house that has been rental all its life. Its worth about $90,000. I get $750 with no problem.
I have a 3 year old house in a great school district. Worth probably $205,000, I get $2000 a month with no problem.
I have a 30 year old house that has been rental all its life. Its worth about $90,000. I get $750 with no problem.
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