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Old 05-10-2011, 02:38 AM
 
70 posts, read 52,580 times
Reputation: 26
Default Offering to rent a for sale property

I've noticed the selection of properties for sale exceeds those for rent. I am considering the possibility of offering the home sellers the option of renting the property versus selling it. Obviously most home owners trying to sell won't be interested; however there may be a couple who at least would entertain the idea. My question is if I am looking to spend between $1,300 to $2,000 a month for rent, what would be the approximate sale price for the residence be? I've been on hotpads because they have homes for rent and for sale and it looks like houses between $200,000 and $350,000 might be in my range; give or take...

I've looked on the Internet and can't seem to find a conversion calculator for this.

Also, it seems I might be wasting my time approaching the realtor since it isn't in their best interest to help the seller rent the residence. Am I wrong?

Lastly, I've heard some landlords say that they are open to a discount in rent for those tenants who are willing to pay the entire term of the lease up front. Can anyone comment on this?

Any advice appreciated.

Last edited by Kassad; 05-10-2011 at 02:49 AM..
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Old 05-10-2011, 07:29 AM
 
Location: Clayton, MO
1,517 posts, read 1,877,894 times
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For what it's worth condos in my neighborhood worth between $370k and $400k rent for between $1700 and $2100 per month plus utilities. In my experience this is not enough to cash-flow the property but with the mortgage market the way it is it helps offset the costs until the condos can sell.
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Old 05-10-2011, 07:44 AM
 
51 posts, read 64,009 times
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Zillow.com now has "Rent Zestimates", similar to their home value estimates. Might be a good place to start. I don't have a lot of knowledge of the rental market around here to know how accurate zillow is, but the rent we were paying for our place in Maplewood was on the high end of their estimate.
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Old 05-10-2011, 08:06 AM
 
Location: SC
209 posts, read 458,719 times
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Quote:
Originally Posted by Kassad View Post

Lastly, I've heard some landlords say that they are open to a discount in rent for those tenants who are willing to pay the entire term of the lease up front. Can anyone comment on this?
The last two places I have rented, I have negotiated the rent down a couple hundred dollars a month by offering to sign a longer lease. Of course, your mileage may vary...
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Old 05-10-2011, 10:09 AM
 
Location: Fairview Heights, Hellinois
105 posts, read 187,071 times
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I would say that the rent needs to cover the mortgage, taxes, insurance, and a little bit for a maintenance fund. For your price range, I would say the house would have to sell for around $150,000-225,000.
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Old 05-10-2011, 12:42 PM
 
16 posts, read 13,223 times
Reputation: 10
If the homeowners are no longer living in the house, then you may have to consider repair/replacement costs up front before you can rent it.

Going through a Real Estate Agent can be a 50/50. It depends on what's in it for them, honestly. They need to make money, too. It can be a viable option for seller who is about to lose the house, but whether the agent will contact them is another story.
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