What is the most you can give for a rent house and still come out. What is the average time to pay for a rent house?.
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#1 by keshequa87 at June 5th, 2009
I would love to answer your question but I’m unsure what you’re asking. If you can make it a bit clearer, I’ll check back and see if I can help you.
EDIT:Okay, I can’t find the formula. But essentially what you consider are your expenses vs. your income potential. What will your monthly payment be including taxes and insurance? What will your income be from rents? Can you cover your entire payment with the rents and still have about 20% per month above your payment as income? You need to clear about that much to cover repairs and vacancy. Don’t forget to consider whether your tenants will pay their own utilities, etc. Think about how much you’ll be putting down. Perhaps that money would yield a higher return in a CD or something similar? A good real estate agent should be able to help you with the numbers. I suggest you find one experienced and familiar with the purchase of income properties in your area. I wish you all the best!
#2 by One Step Ahead at June 8th, 2009
Some people rent all of their life’s. If you are trying to to figure out the break even point rent vs owing your own place?
Rent is rent no tax write offs. A owner can increase your rent every six months if they want too. You have to get permission to change everything including the color of the paint on the walls.
How much you pay for rent depends on your income and monthly expenses. Do not pay more than 40% of your take home pay.
#3 by I Buy And Sell Houses at June 9th, 2009
The average lease is for a year. Some are longer (2-3 years); some are shorter.
As another answer notes, some people rent all their lives. Others only rent for a year or two.
You can pay as much or as little as the landlord asks, and you can negotiate for. Some people pay nothing, providing other services in return for the right to live there. Other people pay $10,000 a month (or much more) to rent a place.
#4 by Ed Atun at June 9th, 2009
You could ask for a 2 year lease. I never see longer than this on a house for rent. Commercial buildings have leases for 10 years or more.
The average time is 1 year..