Real Estate Rookie

How to Comp Rent/Home Prices and Why Going SMALL May Make You More (Rookie Reply)

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Oct 18, 2024
Discover how to effectively pull rental comps and accurately estimate rent prices. Explore the pros and cons of scaling your real estate investments versus staying small. Learn strategies for house hacking and managing tenants when renting by the room. Uncover the potential danger of overextending by purchasing multiple rentals in a year. Plus, gain insights into utilizing market data tools for smarter investment decisions.
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ADVICE

Rent Estimation Tools and Due Diligence

  • Use the BiggerPockets rent estimator tool for easier comparable analysis.
  • Rely on your own research and due diligence to make informed decisions.
ADVICE

Verifying Market Rent and Tracking Listings

  • Verify market rent accuracy by checking various sources, including property management companies.
  • Create a spreadsheet to track rental listings, price changes, and actual rented prices.
ADVICE

House Hacking and Vacancy Risk

  • House hacking with multiple rooms lowers vacancy risk compared to single roommates.
  • Having substantial reserves is crucial for covering potential vacancies and expenses.
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