I want to buy a rental property but Im not sure what rents would be fair .
2007-10-22 23:08:14 · 3 answers · asked by hayes271 1 in Business & Finance ➔ Renting & Real Estate
That's the whole trick to making money in this aspect of real estate. For it to be most comfortable, you would want the rent (dictated by free market conditions in the rental market, you won't get more than comparable houses for rent in your area) to, at a minimum, completely cover your mortgage payment.
It would be even better if your rent covered all of your expenses (taxes, insurance, etc.).
It would be best if it covered your expenses and there was cash left over at the end of every month (it can be done!!)
Good luck!
2007-10-23 02:47:05 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
The two are not related.
Your rent is set by the rental market for the area the property is in...so similar rental properties will get similar rents...but they all might have different mortgages.
2007-10-22 23:21:22 · answer #2 · answered by TONY F 2 · 1⤊ 0⤋
In most cases, your mortgage payment is much more than what you can get in rent. First off you need to check the rental market around your aread(where the property is located in) and compare with them for the reasonable rent.
2007-10-23 05:07:44 · answer #3 · answered by Victoria78 2 · 0⤊ 0⤋