All Forum Posts by: Parag D.

Hi - I am new to rental investments and came across the 2% rule (monthly rental should be 2% of the purchase price). I am looking to buy and hold condos (greater Cincinnati area). In my area, condos prices are generally $150k-$175K and they generate rent between $1700-$1800 per month. Based on the 2% rule/guideline, the rent should be in the $3000-$3500 range which doesn't seem feasible. In such scenarios, is it ok to consider the rental property even if it can't satisfy the 2% guideline?

Thanks in advance.

Parag
 

Hi Folks - I am renting out a brand new built single family home. I have mentioned in my lease that I will be providing appliances as part of the rental. One of the appliance that I am planning to get is a brand new side-by-side refrigerator. My dilemma is whether to get one with ice maker/water dispenser in door or get one without the ice maker/water dispenser. I have read lots of refrigerator review where one of the primary concerns is faulty ice makers and the risks of water leakage/flooding.  I already have a renter who has signed the lease for two years though we haven't discussed the kind of appliances I would put in the house (as I had said it will be new and not what kind). He hasn't made any requests for specific appliances either. The renter seems to be a good family and didn't come across as pushy or demanding.

My thought of getting a refrigerator without ice maker/water dispenser is not driven by the cost of the refrigerator but the maintenance hassles that can happen further down the line. A quick check on zillow showed that 90% of houses for rent in my location are more than 20+ years old (so no direct comparison for newer houses on rent)- most have older refrigerators with ice maker/water dispensers in the door.

Also, I am not sure if a refrigerator without ice maker/water dispenser in the door will be a deal breaker or not after my first tenant leaves in two years and when I put the house again in the market to get new tenants.

Any thoughts/suggestions would be appreciated.

Thanks in advance!

I am trying to market my rental property and came across the concept of Entry Only MLS listing. How effective is that process in getting renters? Also, is there a reliable service that folks use to do an Entry Only MLS listing? How much does it usually cost?

Thanks in advance!

Parag  

 @Sam Horton - I spoke to one agent and he said that they would take one month rent (from the landlord) for one year lease and two months rent for two year lease. Seems to be the other way round than what you mentioned. This is in Mason, OH - a suburb 20 miles north of Cincinnati, OH. So, its not that far from the city.

 @sam - at an average, how much would an agent charge to market the rental? as they might have access to out of state relocating folks looking for rental (I assume).

 cool - thx @Nathan.

Thanks @John Underwood - will try that out!

Hi folks - I am new to real estate investment. I am building a new home in a new subdivision. The home will be ready for occupancy by August 1st. What are the ways to market the home so that I can get a renter by August 1st? I have done the usual zillow, trulia - had a couple of leads but nothing concrete happened.

Appreciate your inputs/suggestion/advice.

Thanks in advance,

Parag