“Indian Village” / aka “Old Mt Pleasant” but not in the Old Village Historic District 3BR/1BA house - $1450/mth
Both are well-maintained and in good states of repair.
That’s what I am charging for rent. I think both are too low. I have (maybe dumb, my own fault) reasons for these numbers but, am I right? I mean, it’s easy to over-value one’s assets and worth and I don’t want to do that. Thus, some neutral 3rd party opinions would help.
Are they currently occupied?
Are you happy with your renters?
Place a Craigslist for rent ad with description and pictures at the price you think is reasonable. See how many people blow up your phone.
I have a 3bed 2 1/2 bath small rental in Summerville. I did a bit of research on rents in the same area and square footage and placed my ad. 20 calls in 2 hours. 5 families came to see it the next day and I had it leased in 24 hours.
That bit of info tells me I could have priced it higher. However, we have a young family in there that we like, pay their rent on time, take meticulous care of the place, and don’t drive me nuts.
They are both rented and I am happy with the tenants and that is worth something, I think. But dollars are worth something too.
Looking on Craigslist it looks like I could get substantially more (25% - 40%), but then again there is so much crap on Craigslist. I don’t know what other tenants in those areas actually pay for similar properties.
“You have the right to the pursuit of happiness. You do not have a guarantee that you shall have it.”
That said, my dad has a condo he rents at East Bridge for sub 1k/mo…he is happy with tenant, but will probably be raising rent by 100/mo soon. A good tenant is Def worth something though…
They are both rented and I am happy with the tenants and that is worth something, I think. But dollars are worth something too.
Looking on Craigslist it looks like I could get substantially more (25% - 40%), but then again there is so much crap on Craigslist. I don’t know what other tenants in those areas actually pay for similar properties.
“You have the right to the pursuit of happiness. You do not have a guarantee that you shall have it.”
I don't think it's "fair" to ask for a huge boost all at once, especially if you like your tenants. But when was renting from one of the rental companies, they asked us for more money each year. I think you can go up $100 each year until you hit your mark.
I’m renting out a place for $1100 right now that I know (**() well I could get $1450 for. We have a good tenant that pays her bills on time so we have let it slide for this 2 year lease. At the end of this year though we are either selling the place or raising the rent. It’s in Montclair across from Town Center and is a 2bed 2 bath condo.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
I’m renting out a place for $1100 right now that I know (**() well I could get $1450 for. We have a good tenant that pays her bills on time so we have let it slide for this 2 year lease. At the end of this year though we are either selling the place or raising the rent. It’s in Montclair across from Town Center and is a 2bed 2 bath condo.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
Just curious Fritzer... Why are you selling? Is renting too much of a pain? I'm asking because I am thinking about getting into the business...
Well, I know why I think of selling the rental properties and converting to stocks and/or fixed deposit instruments or just cash:
a. no property tax
b. no unpredictable maintenance expenses
c. no need to deal with tenants and rent each month
But the lure of solid long term capital appreciation is very good. Also, selling them results in capital gains tax.
All - Thanks for the good advice here, I do appreciate it.
“You have the right to the pursuit of happiness. You do not have a guarantee that you shall have it.”
I’m renting out a place for $1100 right now that I know (**() well I could get $1450 for. We have a good tenant that pays her bills on time so we have let it slide for this 2 year lease. At the end of this year though we are either selling the place or raising the rent. It’s in Montclair across from Town Center and is a 2bed 2 bath condo.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
Just curious Fritzer... Why are you selling? Is renting too much of a pain? I'm asking because I am thinking about getting into the business...
$450 a month Regime fee and would rather have a property with no fee at all. I wish I had taken Mr. Smoaks advice at Wando High School 30 years ago, he would tell us REAL ESTATE REAL ESTATE REAL ESTATE just about every day during home room. He owned several properties downtown back then and knew what he was doing.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
The place in Montclair does overlook a pond and one of the greens at Snee Farm can be seen during the winter months. I wonder if Snee Farm needs a snack bar between the 2nd and 3rd holes.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
$450 a month Regime fee and would rather have a property with no fee at all. I wish I had taken Mr. Smoaks advice at Wando High School 30 years ago, he would tell us REAL ESTATE REAL ESTATE REAL ESTATE just about every day during home room. He owned several properties downtown back then and knew what he was doing.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
Okay, gotcha. So you are not apprehensive to the "rental business" per se, but you think this particular property is not the right investment because of the ridiculous regime fee. I understand that for sure. Thanks for the response.
Exactly, the ridiculously high regime kinda scares investors/buyers away. The place has gained some value over the last 10 years but nowhere near what a 1200sq ft brick ranch in Mount Pleasant could have done in the same time frame.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
Exactly, the ridiculously high regime kinda scares investors/buyers away. The place has gained some value over the last 10 years but nowhere near what a 1200sq ft brick ranch in Mount Pleasant could have done in the same time frame.
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Down here is where a signature goes but they can confuse and anger some people so I don’t have one.
Yep. I had a place (condo) in West Ashley one time and the regime fees started to climb up. I vowed never to buy another property that had monthly regime fees.
OK, got it. In Waterway it only covers general stuff like mowing the grass, pool maintenance, etc. Each individual unit is the owner’s problem (as I have learned more than once).
“You have the right to the pursuit of happiness. You do not have a guarantee that you shall have it.”
