Evaluating Rental Prices for a new purchase

[Yeshua Williams]

Hey everyone, I was hoping someone offered a good walkthrough or site for when I purchase a new property in an area and then determine what the price is for going rent for a similar type of unit.

Thanks!  Hope this makes sense!

[Bob Okenwa]

@Yeshua Williams

I think you're putting the car before the horse. You'd want to know what the property will rent for before you buy the house. Talk with an experienced realtor that understands the local investment market to get a sense of rents in the area, and also talk to a few property managers to gauge their estimates so you have a range of what to expect.

BP has a rent estimator and rentometer.com is pretty decent for attaining rough numbers, and many others have used sites such as Zillow, Realtor.com, Trulia, etc. to gauge the market as this is where renters are looking so anything sitting on the market for a long time would be overpriced and anything being rented out in less than 2 weeks would make a for a good comp.