This one is a biggie. You finally decided to take action through Empowered Investor Network and start using real estate investing to create the level of wealth that makes you veerrry comfortable. You know from reading hundreds of blog post and listening to dozens of hours of The Creating Wealth Show that rental property is where the profits are.
But now you find yourself the actual owner of a rental house sitting nice and pretty on a piece of land – how are you going to price it to rent out? Don’t worry. It’s not as hard as you think. Here are some ideas.
1. Property Management – There might be no better resource than the property manager we recommend to you. Don’t think you have to go it alone on this. There’s a very good reason you might want to stick with our suggestion. Empowered Investor Network moves a lot of clients through local markets. We’ve already done the research and chosen management who WILL take care of you. It’s to their distinct advantage NOT to alienate you. We will hear about it and we will let them know we don’t like it. Local management companies should have a great feel for how much rent to charge.
2. Check comparable prices in the area on a website like www.craigslist.org.
3. Price your property a little high at first. If the phone doesn’t ring, lower it $50 or so until it does.
The thing to keep in mind is that it might be worth receiving a little less in monthly rent to keep turnover low. A stable, timely renter paying a little below market rate is better than getting top dollar for a month or two from a flake who’ll vacate and leave the place a mess.
The Platinum Team
