All Forum Posts by: Scott Bloom

We have been using Rentometer for many years and have enjoyed the statistical analysis that helps us to determine where we should price our rentals when we go to market. We also look at current listings to strategically price.   In 2023, we found that we had to discount the pricing 5% from the Rentometer results because a lot of our rentals needed to come down in price before they rented.  This year, it seems we need to come down 10%.  I am wondering if this is a reflection of a shift in our rental market or if others out there are finding the data is skewed high on that platform.  

Also, what other platforms are people using for rental price comparisons and have you found them useful/accurate to help you rent your home in a reasonable amount of time?

My vote would be 531390,  Other Activities related to Real Estate.  Reference: https://www.naics.com/six-digit-naics/?code=53

This is a quick answer but I hope it helps. Depending on the state or jurisdiction where you reside this is a fairly simple process. You need to contact the IRS to ask for a Federal Employer Identification Number or FEIN. Once you have that letter you can use an LLC formation document template to create the LLC and register it with the corporations division of your state or jurisdiction. You may consider a business attorney familiar with your state or jurisdiction if you do not wish to spend the time to do it on your own. Often, for several hundred dollars, they will do that for you A-Z. And be sure to check licensing requirements for the business activities of the LLC.

You can get a commercial grade policy from major carriers where they lump the risk across multiple properties into one policy, reducing your premiums.  One challenge to manage is being able to clarify for lenders on those rentals (if you have them) which amount of the premium should be paid for each rental so that they do not include the entire premium into their escrow analysis, inflating your monthly payment on that rental. 

I echo previous postings. Get it listed in MLS. Have the rental agent give you a full rental comp analysis for that market. Reducing the rent every ten to 14 days until you get that tenant. Especially at this time of year if your market is heavily seasonal like ours is.

What I tell our clients is that if no one is applying it is because they are not valuing the property as high as we are. There are others on the market they are looking at and they (the market) is deciding it is not worth that rent price. So as much as I hate for our investor clients to repeatedly lower the rent price, the market is always about price (perceived value) versus the competition.

Hello, we have several owners who are active for former military members.  The best strategy I've seen is some purchase a home for every duty station they are located at. Figure out your costs and buy homes where you are stationed that will be good rentals after you leave to go to your new posting. 

When some of our military clients leave that area to move to the next they do not sell it, rather they rent their home to tenants. They are able to use the very advantageous terms and VA loan program to purchase homes that eventually become rentals properties. When they move to a new area, they hire a quality local property management firm to manage the rental for them longer term.