To buy or not to buy?

Asked by Kirsten, Gardnerville, NV Sat Jan 3, 2009

I am considering buying a 2 bed/2 bath townhome unit in the Minden/Gardnerville area. If I were to rent out the property, is there a strong enough rental market in the area? I am concerned about it just sitting there.

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3
Tamara Murry’s answer
Tamara Murry, , Gardnerville, NV
Sat Jul 25, 2009
Hello Again Kirsten,
As an investor myself, I can tell you that this is the time to buy!!! We have not seen this kind of prices in a very long time, and with so many people loosing their homes to the bank, these people are in need of renting!... Just because they lost their own home does not mean they will not be a good renters, situations and circumstances of their default are different and 99% not their own doing. So, weather you will live their or rent it out you will not lose. We are seeing a whole lot of investors purchasing Bank Owned & Short Sale properties, which is a sign of that the Market is in the recovery path. Obviously, it will not recover by tomorrow, but, the good deals do not last very long!!! If you will do a thorough search, you will see that there is a whole lot Pending Sale properties with a low price. Hard data does not lie, no matter who tells you what.
0 votes
Virginia Hepp, Agent, Mesquite, NV
Sun Jan 4, 2009
Kirsten - Contact a property management company to see what it would rent for and what your competition would be - are there a lot of vacancies in the rental price range? You may want to set the rent price a little lower than the top price for similar properties - it is usually better to get it rented to a long term tenant who feels that they are getting a good deal. Vacancy will kill your bottom line. Be sure you figure in all of your maintenance costs and have a surplus of funds available for repairs, maintenance, etc. Good luck to you!
1 vote
Bill Eckler, Agent, Venice, FL
Sun Jan 4, 2009
Kristen,

You are asking the right question at the right time.... it's always best to have all of the information before making a decision.

The best source for an accurate answer to this question is a rental management company in this location. They will understand both the rental trends and rates for your porperty. We suggest speaking with several, if they are available.

Best wishes
The Eckler Team
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