WOW, that is a good question!
Remember, there are several things to consider while trying to answer this famous question:
- How many bedrooms?
- Demographics of the neighborhood?
- Have I checked the local newspapers?
- Did I call "FOR Rent" signs and see what other Land Lords are asking?
- What is the Multiple Listing Service MLS saying about rental prices in that zip code?
- Other Investors, what are they charging?
- Does your property have issues?
- Etc.
My point is that it would take a lot of time to do a good rental survey or Fair Market Rent FMR of your market before you can come up with a price.
But those days are over......
When I started using Section Eight I noticed that the case workers focused on:
- Participant's current income
- Inspection results of the land lord's property
- What is Section Eight or Plan Ocho currently paying other land lords in the area.
They would always come up with a figure magically. I always wondered how they calculated the results to come up with the fair market rent FMR number. Fair meaning making it a win-win for the Housing Authority, the Land Lord and the Participant.
NOW...
Here is a tool where the Fair Market Rent FMR ceilings are calculated for you by HUD, from efficiencies, one bedroom and up to four bedrooms. Check out the video....
| Written by +Bob Burns. |
 | "Yeah Baby!" MREIA's President about.me/RobertKBurns Telephone #: 305-300-6242 email: rkburns@investmentpropertiesmiamiflorida.com MREIA's Web Page: www.miamireia.com |
