Rental Agreement / Estimation / Marketing

[Edgar Portales]

Howdy, everyone, my name is Edgar from the Houston area, currently I am track to do my first deal for house hacking , and I am currently trying to figure out some aspects on the next areas, since I am getting ready to close.

As bit of context, I am planning to do house hacking on a 5bd/3b single family home and rent by the bedroom approach,  and these are some questions I currently have

1. How to figure out competitive market rate for each room?

          - my current approach has been to use Rentometer, look at  Zillow for Studio apartments and 1bed apartments, as well as look at classifieds in Facebook market place of other people renting out private rooms, and try to estimate the rent across those listing

2. How can I make my listings show competitive in order to attract proper tenants, like should I include utilities on the rent? should I furnish some areas properly? should I furnish some rooms? things of this nature to make the place competitive.

3. How can I craft a proper rental agreement?

          -   where should I start looking for resources on how to come up with a proper rental agreement so that I can be properly protect myself, and the tenants and fully state in paper what is expected with the rental?

Again I appreciate any leads or info in these areas :)

[Ryan Thomson]

@Edgar Portales

Great questions:

1. Seems like you have that locked down already. Start a little higher and if there isn't much interest start to lower it.

2. Competitive listing tips: great photos, good description, be clear what you require to cut down on wasting your time.

3. Bigger Pockets has some leases you can download.