First rental property! Offer just accepted

[Adrian Fernandez]

Hello fellow BP folks!

My wife & I just had an offer accepted on what could be our first ever rental property here in Allen, TX. We've been searching for months now & finally found a home that we're excited about.

I wanted to ask the BP community what you all think this home could rent out at. My realtor & I have a number, and we're waiting on some comps/numbers from a few local property management companies. However, wanted to see what the BP community comes back with & how it compares to the numbers we're coming up with.

Address: 810 sunny slope, allen, tx 75002

So what do you all think?!

Also, we're open to any recommendations, tips, tricks or whatever else you have for us as we enter into our first rental property!

Cheers!

[Cherry Meekins]

I actually would start high on the rent. Let it sit for at least two weeks before you decrease the price. Gage it by how much interest you are getting. If you/ your agent are getting calls on it at that high price then let it sit. But if no one actually contracts after about two going into three weeks, then lower the price. And continue on that path until you get it rented. What Ive learned is if you are too eager, you may miss out on cash flowing high.