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Secrets of Rent Comps
Manage episode 475215179 series 3409629
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Learn the secrets of determining fair market rent on properties in Minneapolis.
This class is Module 29 of 46 in a series called Real Estate Investing Secrets.
Topics covered in this module include:
- Why rents are not an exact number and what they really are
- At the end of the day, what is rent ultimately
- An overview of an easy method of determining fair market rent, a basic way and an advanced way and which you will likely want to use
- Why use “comparables” to determine rents
- What dimensions should we use to determine comps?
- Which are the most important factors for rent comps?
- How 6 people all looking at the same thing can all see something different and all be wrong
- Finding rent comps
- Using proximity to find appropriate rent comps
- Using the type or style of a property to narrow down rent comps
- Using square footage for narrowing down rent comps
- Using the age of the property to determine rent comps
- Narrowing the net to better determine fair market rent
- Evaluating your current competition to determine rent on your property
- The difference between “asking rent” and “rent received”
- A warning if you find yourself struggling to find rent comps
- What is the value of upgrades to a rental property
- How to make market-based rent adjustments
- An example going through how to determine rent on a property and what we ultimately ended up getting when we rented the property
- What my property manager uses as their process to determine fair market rent
- A note on getting rent comps when buying new construction properties
- Using the monthly payment on a new purchase to set rent on a property
- Tips on how to analyze properties now that we’ve covered rent comps
- Plus much more...
Check out the video and additional resources related to Secrets of Rent Comps.
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