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My wife and I are considering renting out our home for 1 year since we are not having luck selling. No surprise there. Story of this country right now. It is currently on the market with a Realtor, but I have a couple of opportunities that will need us to move within the next 60 to 90 days. I was wondering if there was a formula that people use or something else for those that need to calculate the rent they would charge as well as the deposit. Would you recommend that I look for a property management company?? What are those typical charges?? For those Real Estate professionals, I would be interested in your opinions. We have consulted with our realtor, but she is not well versed in the rental market and only handles homes for sale. Here's a link to the property:
I would consult at least 3 property management firms in your area and get the information from local sources. Interview each management company as to what and how they handle the rental. The property managment company can give you comps, as a selling realtor does, for the fair market rental value.
Make sure the rent is over the mortgage payment or at least an amount that will not strap you if the rent is not paid, or the house is vacant for a time.
There will be times of vacancy. It depends on how long it will take to get it rented, and also times when tenants vacate and the the property is up for rent.
Make sure the rent is over the mortgage payment or at least an amount that will not strap you if the rent is not paid, or the house is vacant for a time.
There will be times of vacancy. It depends on how long it will take to get it rented, and also times when tenants vacate and the the property is up for rent.
That would be nice but not always possible. You'd have to check out what comparable homes are renting for in that particular area. Check out the rentals for your area on craigslist to maybe get an idea of current rental prices.
My wife and I are considering renting out our home for 1 year since we are not having luck selling. No surprise there. Story of this country right now. It is currently on the market with a Realtor, but I have a couple of opportunities that will need us to move within the next 60 to 90 days. I was wondering if there was a formula that people use or something else for those that need to calculate the rent they would charge as well as the deposit. Would you recommend that I look for a property management company?? What are those typical charges?? For those Real Estate professionals, I would be interested in your opinions. We have consulted with our realtor, but she is not well versed in the rental market and only handles homes for sale. Here's a link to the property:
We are paying $1300/month on P & I, Taxes (very high at $4k/year), Insurance, and PMI. We are in the Metro East St. Louis Market, Highland, IL
Thank you for your help.
Rents don't necessarily correlate with your house payment or value. There is a more narrow window on the upside and downside that people are willing to pay for rent. In other words, there comes a point to where you can get only so much rent, regardless how big and nice your house is.
Check Craiglist and your local classifieds and see what other houses are renting for. Management companies generally charge one months rent per tenant turnover and 7-8% per month management fee. You, of course, have to pay for any repairs or capital expenditures.
What size house do you have? If you are totally inexperienced, it might be better for you to just hire a property management firm. There is a formula called the Gross Rent Multiplier, but I don't know what it is in your area. No matter how nice or big, it will only rent for what the market will bring.
You can always look at my rental checklist (controversial) in a closed thread on this page
We are paying $1300/month on P & I, Taxes (very high at $4k/year), Insurance, and PMI. We are in the Metro East St. Louis Market, Highland, IL
Thank you for your help.
OK, I looked at your house, I didn't notice the link at first. A house like this in my suburban community would rent for at least $1200 per month and maybe up to $1500 in your area. Whatever you do, don't allow pets, they will kill those floors. The house looks very nice, how long has it been on the market? Have you had much activity? If not, it is undoubtedly overpriced.
3 bed, 2 bath with office on a crawlspace, 1800 Square Feet
House has been on the market since March 28, it was under contract (60 days ago) but their financing fell through because one of them lost their job.
3 bed, 2 bath with office on a crawlspace, 1800 Square Feet
House has been on the market since March 28, it was under contract (60 days ago) but their financing fell through because one of them lost their job.
OK. I know that the market is horrible, but there is only one reason that a house does not sell. It is overpriced. In any market, no matter how bad, you can sell a house and I'm not talking about giving it away. You must not be at that magic level or a house that nice would have sold.
This is true, but if I drop the price to $149.9k, if there is no negotiation, we will be upside down. We thought by renting we could buy ourselves another year or two to see what the market does in our area. It is an alternative to losing a larger lump sum at the beginning. My wife and I are in the late stages of a very expensive international adoption that is taking up much of our savings. We are a young couple (late 20s). Thanks
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