is there a book that tells you how to do every thing concerning being a landlord I don't want to do anything illegal.
2007-06-27 09:27:40 · 9 answers · asked by unique 1 in Business & Finance ➔ Renting & Real Estate
Unless you live in a district with rent controls, you are free to charge whatever you desire.
However, if you do NOT find out what market rates are for your property, you might be giving it away for half of what you could get, or you might advertise it for six months, with prospective tenants laughing as they read the ads.
Check your market for what similar properties in the area rent for, and then set your rent rate accordingly.
2007-06-27 09:31:45 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
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2016-07-19 08:42:19 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Your city, county, or state should have tenant landlord laws that you may get copies of.
As for the rental amount, if you financed the property as a non-owner occupied purchase your lender obtrained a rental survey as a part of the appraisal. That means that the appraiser researched rental amounts on similar properties and put that information oin the appraisal . If you fon't have a copy, ask your lender for one.
If you didn't finance the property you could order such a survey from an appraiser or simply call a local property management and ask them the average rent for a similar property.
2007-06-27 09:34:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Although you can normally charge whatever you wish, figuring out the rent after you buy the place is the WRONG way to approach an investment! Before you even put in an offer on an investment property you should have researched the market to determine what it would likely rent for. Until you know that, you won't even know if it's worth buying in the first place.
2007-06-27 09:37:07 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You should be able to contact the local courthouse or state attorney and get a copy of the landlord/tenant law for your state. As for what to charge in rent: look at similar properties in the same area and see what they're charging. Make sure you're getting enough from it to make it profitable, though - keeping in mind insurance and property taxes and stuff. Good luck!
2007-06-27 09:32:24 · answer #5 · answered by scout_rv75 2 · 0⤊ 0⤋
You didn't think of this before you bought? Where is your Realtor? What does he say? Look for a landlord forum on line, i am sure you can find information there. Sounds to me as if you are going about this in reverse order. What were the tenants paying when you bought it? That would be a good place to start.
2007-06-27 10:23:06 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
search for rental property in your area, and compare prices. If your property is a little nicer, charge more.
2007-06-27 09:32:04 · answer #7 · answered by evelyn m 2 · 0⤊ 0⤋
Find out from real estate agents in the area what houses or apartments like yours is going for and that's what you'll rent for.
2007-06-27 13:17:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No, you can't just charge whatever you want. Check with the Housing Department for your city/county, they have specific rules for what you can and can't do.
2007-06-27 10:10:35 · answer #9 · answered by teresathegreat 7 · 0⤊ 0⤋