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Old 06-03-2012, 09:47 AM
 
2 posts, read 3,029 times
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hi, i live in long island, i have a raise - ranch basement with windows so its not completely underground like a basement. everything is done brand new from tiles to walls to windows. Everything is brand new. it just past inspection 3 days ago. we have a 3 bedroom, 1 bathroom, one living room, one kitchen. everything included except cable. how much money do you guys think we should put on the flyer for this apartment?
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Old 06-03-2012, 09:53 AM
 
Location: bellmore
365 posts, read 849,633 times
Reputation: 147
WHAT TOWN ?????
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Old 06-03-2012, 09:57 AM
 
2 posts, read 3,029 times
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selden
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Old 06-03-2012, 11:40 AM
 
Location: bellmore
365 posts, read 849,633 times
Reputation: 147
Quote:
Originally Posted by ali101 View Post
selden
look on craigslist and see what they are asking in your town with something comparable to what you have and also you can call some realtors ....actually we have some on this site if they are willing to chime in
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Old 06-03-2012, 11:42 AM
 
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If you say $1500 I'll come give you security today. Thats the area Im looking in for my husband, 2 young sons and I.
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Old 06-03-2012, 06:21 PM
 
Location: Long Island,New York
8,163 posts, read 13,188,104 times
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Look on MLSLI.com so you can check what others are charging. My guess would be about $1500-1800.
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Old 06-03-2012, 06:26 PM
 
Location: Long Island,New York
8,163 posts, read 13,188,104 times
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Quote:
Originally Posted by Lancet71 View Post
Look on MLSLI.com so you can check what others are charging. My guess would be about $1500-1800.
There were no 3 bed/1 bath in Selden so I checked Farmingville, Centereach, and Lake Grove. Based on it being a house share which isn't always favorable, the $1800 would probably be a good fit especially if there is a separate entrance and you are including utilities even if you are excluding cable.
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Old 06-03-2012, 07:27 PM
 
Location: Huntington
1,159 posts, read 3,101,655 times
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You have to figure out your costs.

You'll need business insurance (dwelling insurance) and liability insurance - probably at least a million dollar umbrella policy - and add in those costs; you will have to figure in what you have to pay in income taxes on what you make on the rent; if you have a mortgage, how much of that mortgage is dedicated to paying for the rental space; you have to figure in cost of repairs (there will be many); if you include utilities, then figure them out and include those costs in your rent. In short any expenses need to be included in your rent price. And you also want to make a bit of a profit, so that needs to be added on top of the rent. After all, being a landlord is no picnic - it's a real job - and it's a hassle at best and a nightmare at worst, and you, as landlord, also need to be paid something - otherwise it's not worth your while running your little rental business. You want to make a profit, not generate a deficit.

Since everything is brand new and lovely, fasten your seatbelt and realize that tenants will beat your house to a pulp. It's very difficult to watch. You need a strong stomach for it.

It all comes down to choosing the right tenant - that will make you or break you. Read everything you can get your hands on that tells you how to choose a good tenant - and who to avoid like the plague. A good tenant won't destroy your property and your peace of mind. A lousy one (and there are lots and lots of those type) will break your spirit as well as your house and your bank account. Oh, and read up on evictions. Do that before you even advertise your rental.

Oh, and kids are destroyers. Worse than pets in my opinion. While you can't discriminate against parents with kids - it's illegal - you can come up with legitimate business reasons for not renting to them such as a part of the house isn't safe for kids (think gas burner, fireplace, steps, etc.). If you're stumped for those reasons, google some.

My advice is, if you can get by without having to rent out part of your house, don't do it. It looks a lot easier on TV than it really is in real life. In the long run you'll end up re-renovating everything that's been renovated and brand new.

And do yourself a favor - go to a really good RE lawyer and have a very tight lease drawn - nothing should be left to interpretation. Don't use one of the general leases sold in stationery stores - they're almost worthless. Your property is unique and you will have houserules that must be stated in the lease, and so you will need a tight rider to cover the way you'd like the tenants to treat and use your property.

Last edited by AndreaII; 06-03-2012 at 07:56 PM..
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Old 06-03-2012, 07:51 PM
 
Location: Long Island
9,227 posts, read 19,174,182 times
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If it's the downstairs of a Hi Ranch, $1800 would be max incl. utilities. An upstairs rental w/o utilities just rented for $1700, and that's more room(s).

And if you do end up renting it, I suggest you ask the tenant to carry renters insurance plus you should let your carrier know that you are renting out part of your home, so you have the appropriate coverage.
Also, as was pointed out before, having an umbrella policy is a must.

BTW, when was your house built?
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