Posted by bob on January 14, 2003 at 17:39:25:
well dont be too hard on Dan after all he is just a dope head.
how much to charge for rent??? - Posted by dan
Posted by dan on January 14, 2003 at 15:38:12:
i just purchased a house in the city of detroit for 110 k, about 1100 square feet …in a nicer area of detroit. i am planning on renting it out. how do i determine an acceptable rental rate to ask for??? should it be 10% (on a yearly basis) of the property’s value…therefore 10% of 110 k per year…therefore 11 k per year in rent, roughly $915 per month.
is this 10% figure correct??? do i use this or should i use the rental rates for similar properties in adjacent locations???
thanx in advance…
Re: how much to charge for rent??? - Posted by Bill
Posted by Bill on January 15, 2003 at 23:19:26:
Go into the neighborhood where your new property is located and go door to door asking what similar houses rent for. A simple rent survey of this type will tell you what to charge. Aim for the higher end of the rent range that is found for similar homes in that neighborhood. Happy investing!
Re: how much to charge for rent??? - Posted by Jason NY
Posted by Jason NY on January 14, 2003 at 16:32:13:
I hate to be the one to tell you this but you should know what the place would rent for before you made your offer. Just because you purchased the house, doesn’t mean that the rent will support your expenses. Generally the 10% you are talking about is used with the CAP rate jargon of larger multi-families. For single family home, your really need to get a feel for the local market. Read your local paper and give a call to some local realtors a call and ask them. I hope that helps.
Jason NY