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New London, Wisconsin | I had a rental, and it went very well for me. A two unit. I had many friends with rentals and they all offered great advice.
For rent value, look at comparable properties and add 10 percent.
Or
Figure out what that house is worth and what a payment would be on it including taxes and insurance with a 15 or 20 year amortization. That number is usually pretty close.
As far as renter tips
Never be the cheapest, EVER.
Make it nice enough you would live there yourself and charge enough for it. There is always a market for something nicer in the country.
A good lease is important, but not as important as the big three rules, Those are:
1 pay me on time every time
2 take very good care of my property
3 be a good neighbor to others, I need them, I don't need you.
Follow every one of these and make all three very clear. If you do, and they do, you might well have a wonderful deal.
I did exactly this and had wonderful results. Never a bad tenant, and I had about a dozen over the years. I turned away as many as I rented to if not more.
Be realistic. You don't get to decide if they have a clean enough kitchen. You don't get to decide if they stay up too late. You DO get to decide if what they do bothers neighbors.
Best of luck
Jim | |
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How do you figure rent on a rental house?
