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Updated almost 11 years ago on . Most recent reply
First property... am I getting enough $$$ for rent???
Hi guys,
Since I found BP yesterday I've been posting questions all over as I am a 1st time homebuyer (owner occupied duplex) as of last week. Everyone has been soooo helpful so far and I promise to pay it forward once I've got a little experience under my belt! Thank you, thank you, thank you!!!
Anyways, I'm starting to second guess myself about retaining the tenant that the previous owner had in one side of the duplex. Lease is signed but just trying to get a feel for the future... She and I both knew she was getting an incredible deal, but she loves her place so I knew she would agree to a rent increase. But now I'm starting to wonder if I couldn't have gotten more if I'd have shopped it...
Its a 1/1 with a garage, screened back porch, and fenced in backyard, all appliances, renting for $825. If you go on craigslist there are ZERO comps available within 5 miles, which made it harder for me to put my finger on a good dollar amount. My realtor that helped me close on the place said the fenced yard and garage are coveted by pet owners (tenant has a small dog) who may not have many other options.
Anyone on here know the northern Palm Beach, FL area market? Could I have gotten more out of the unit??? Thank you all again for your great insight!!!
Most Popular Reply
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If you lost your solid long term tenant you would probably have to put in new carpet and other repairs which costs $$. Then if you were vacant for a month while repairing and getting a new tenant in you lose $$. The new tenant could turn into a problem and you have another vacancy next year. I'm not sure how much more you are thinking you could get but if you charged another $50/month it would take you 16.5 months just to make up the one month vacancy, who knows how many more for the needed repairs. I'd say stick with a good thing. If you think it's way low then raise it a little each year.