Home Buying in San Diego>Question Details

Buy and Hold, Home Owner in Durham, NC

Looking for websites that show reliable rent surveys broken down by neighborhoods surrounding the San Diego metro (e.g., central and western regions).

Asked by Buy and Hold, Durham, NC Mon Jan 10, 2011

Interested in purchasing a rental property (2-4 unit multi-family) in North Park, Golden Hill, University Heights to name a few.

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Answers

13
Hi Buy and Hold,

Good and essential question but one with no single clear answer. When trying to determine what a unit will rent for I do all of the below and more. Here's is a list of data to gather:

1) http://www.Apartmentguide.com, http://www.rents.com and probably more. These site are easy to use and give you an idea of what a comparable unit in the area would rent for. You will have to adjust for the differences. Also, don't be afraid to call these apartments and let them know you are comping an area and looking for rental information. The leasing agent will usually tell you rental and occupancy information as well as an idea of the market conditions.

2) You should drive the area looking for rental signs. Call the numbers on the signs and ask for rental information. I always explain honestly why I am calling and most owners have no problem disclosing information.

3) Check out craigslist. This is where I pick up most of my renters and again the owners that put the ads there usually are ok with giving you information about the unit.

4) Ask to see the rent roll or the previous rental history of the unit., This is critical.

Getting the rent correct is a key ingredient in the investment so I always take the all of the above and more approach. There is no excuse for getting the rents wrong.

All the best,,

Michael Friedman
Sea Coast Exclusive Properties
North San Diego County
760-445-1664
mikef1010@earthlink.net
http://www.NighthawkProperties.com
0 votes Thank Flag Link Thu Feb 10, 2011
Forget about all the sites that are telling what rents are. If your going to purchase than find a property that is already rented out. Part of your purchase should include the seller providing you with the current lease agreements. Instead of concerning yourself with "rents in the area" you should focus on what your desired return is. I can teach you about cap rates, ROI, vacancy rates, GRM, etc.
When you understand these items you wont care about local rent rates, it will simplify the process and directly tell you how much money your investment is paying you and therefore the true value of the property your going to purchase.

Feel free to email me and I'll give you some info...
0 votes Thank Flag Link Wed Feb 9, 2011
rentometer.com

MLS is useless. if you are buying an inv. prop the appraiser will do a survey as part of the appraisal
0 votes Thank Flag Link Tue Jan 18, 2011
zillpy.com has been a great resourcr for me and my team.
0 votes Thank Flag Link Wed Jan 12, 2011
Thanks for your responses.
0 votes Thank Flag Link Tue Jan 11, 2011
Rentometer.com is very good. I recommend it to my clients
0 votes Thank Flag Link Mon Jan 10, 2011
rentometer.com is a favorite of mine as well!

Jesse G. Salas
Homes for Heroes San Diego
0 votes Thank Flag Link Mon Jan 10, 2011
Buy and hold: Here are some options....


http://www.rentometer.com

http://rentbits.com

http://www.rentslicer.com/

This one offers a free trial, you get one report free.
https://www.reisreports.com/index.cfm/freeReport?originID=14…


Keep in mind that these tools are a decent guage for rental rates. Of course, just like with zillow.com there are some faults that go with the technology. It doesn’t take into account the condition, upgrades, etc. of the property. I would just use these sites as a quick guide… but wouldn’t make hard decisions based on it.
0 votes Thank Flag Link Mon Jan 10, 2011
The best website is our MLS where we Realtors can do CMA's for rents in all SD zip codes... Your property manage or Realtor can best help you with that...Good luck!
0 votes Thank Flag Link Mon Jan 10, 2011
That would way too easy! For San Diego, call property managers, and look on Craigslist, we use it a lot here.

Good luck!
0 votes Thank Flag Link Mon Jan 10, 2011
call a local real estate management company
they truley have the correct info for you.
0 votes Thank Flag Link Mon Jan 10, 2011
Buy and Hold,

You can try rentometer.com for some general info, but I would not rely on it. You would be well served to visit with a local real estate broker or large property manager.

We specialize in helping investors buy and sell investment property.

Cheers,
Nick Rhea, MBA & Broker
Bombora Investments, Inc
619.886.2004
nick@bomborainvestments.com
0 votes Thank Flag Link Mon Jan 10, 2011
Interesting - I am in discussions with in owner who is thinking of selling his duplex in North Park.
2bd/1tbh in front and 1bth/1bd in back - 2 separate buildings.
Shoot me an email and I'll give you some more info

The 2 bd would rent for about 1400. The 1 bd would rent for 8-900.

Joe Rennick
Joe@WhisselRealty.com
0 votes Thank Flag Link Mon Jan 10, 2011
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