harleydaverod, Home Buyer in New York, NY

For investors wanting to buy and rent, is it possible to have an estimate rental amount when I'm looking to buy a property?

Asked by harleydaverod, New York, NY Mon Apr 8, 2013

As an investor when I want to buy a property with the intention of renting it out, I would appreciate if you could perhaps add a feature which will give an estimate of how much that particular property could be rented out for. So if the property's listed price is $200,000, how much can this property be expected to benefit the new owner in terms of the rental rates prevalent in that area; $400, $500. This will in turn help investors a great deal in deciding where the rental rates are higher and accordingly base their decision to buy.

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3
That information is critically important. If you're buying a property to rent out, you absolutely have to know what the rental income will be.

The best way, by far, is to have a Realtor pull the comps, exactly as he/she would do when you're planning on purchasing a property. There are automated services out there--I've been pleasantly surprised by Rentometer.com--but you really need a human evaluation before making such a big decision.

Hope that helps.
0 votes Thank Flag Link Mon Apr 8, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Suzanne is right, I regularly do that for investors here in Florida. Knowing the return on investment is critical in deciding where to invest your money. Make sure your Realtor uses conservative values, and doesn't overestimate your returns.
0 votes Thank Flag Link Mon Apr 8, 2013
The right real estate agent will be able to help you. You will want to look at the 'rent roll', in other words, the gross monthly revenue and the expenses, including interest expense and mortgage so you know exactly what your cash flow will be at the end of the month. A good realtor can also help you decide what areas are the most profitable for landlords. The answer to your question lies in finding the right realtor to work with.
0 votes Thank Flag Link Mon Apr 8, 2013
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