Have 1 1/2 story 4 bedroom 28x28 detached gargage 1 acre inground 20x40 pool how do I determine how much rent to charge?

Asked by Tthalheimer, 46516 Wed Apr 21, 2010

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Jennifer Wil…, , Elkhart, IN
Wed Apr 21, 2010
I would suggest the first thing you do is figure out your bottom line. What I mean by that is you need to know what it is going to cost you to rent the property. Things such as insurance, property taxes, mortgage payment (if there is one), maintenence. Then you need to decide who will be responsible for paying the utilities, trash removal and so on. After you have a bottom line then you will want to research similar properties in the area to see what they are going for and how that compares to your bottom line. In the end you may find that renting in your area may be diffacult or wont bring in enough to cover your costs. After you decide how much rent you will be charging I strongly urge you to seek legal counsel in drafting the lease agreement. If I can be of any more assistance please do not hesitate to contact me
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Neil Fjelles…, Other Pro, San Diego, CA
Wed Apr 21, 2010
Forget what you think you know about the property value. Forget what you need to get from rent to solve mortgage and/or other obligations. And finally, forget what this property or similiar would've rented for last year. What matters is that renters are currently leasing other similiar options. What are you going to do to get yours seen and selected by qualified renters as quickly as possible? Every day that your home stays vacant is rent lost forever; and it stays 100% vacant until its not. This usually means that you need to hire experience and expertise that you don't have or at least don't have the time to implement. Establishing the appropriate rental rate market range is one of the most important thing that a Rental Specialist does. This is followed by a marketing strategy that includes: signage, advertising (flyers, rental community hotsheets, print and internet ads), conversion of inquiries to showings, showings to application(s), screening for qualified residents, leasing documentation that is understood by tenant and protects you. Then there is the successful move-in and ongoing reponse to their service requests while collecting all the rent on time. It all starts with finding a real estate professional that specializes in this area that you can trust. Neil Fjellestad
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