how to find the truth about rental income of property

[Shawn Mcenteer]

If an agent or homeowner is telling me a property rents for X how do I know that number is true? Can you request proof of monthly income or do you comp other rental properties to determine if true?

How do you determine monthly rental income on your properties?

[David J.]

Shawn M.

The easiest way is to pull the sold rental compatibles off the MLS. Better trust your realtor though because if you are not using your own eyes you might not be seeing the entire picture.

The following are ways I have used to ballpark rents for a given area:

1. MLS
2. Craigslist - see what the area is advertising at.
3. Zillow/trulia/Redfin etc
4. My favorite to this day - drive up and down every street in the neighborhood and call every single for rent sign in the neighborhood. In the beginning I was stealth and pretended to be looking for a home to rent. Now I just tell them I am a local landlord trying to find out what the neighborhood rents for. You will be amazed what other landlords will tell you. Not jut about rents, but about tenant pool, property tax trends, HOAs, criminal activity. Let me tell you. Landlords like nothing more than to talk to other landlords. Just look at this site. All these people could be watching freaking duck dynasty but instead landlords have found a way to talk to other landlords.

I bet if you posts the address on this thread you would have the perfect rent confirmed for the house within 24 hours.