Best Rental Property Calculator
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- Опубліковано 9 лип 2024
- The best rental property calculator online can be found here:
www.calculator.net/rental-pro...
This rental property calculator is the most straightforward and comprehensive one I've found online, which incorporates every component necessary to ensure an accurate ROI.
Additionally you can understand how your returns increase over time.
Hey do you use propstream? And if so or not, where exactly do you find the best rental property? I'm looking to buy my first rental, and looking to cashflow at least $500 monthly, all the way net. But I'll be managing the property virtually. I'm in NYC, and looking in markets such as indy, stl, etc.
I also wholesale virtually as well. And it's funny because I have a house right now under contract in Stl, renting at $850, Asking 35k. I'm looking for a buyer now, but if I had the funds I would buy it myself.
Hi John - I haven't used Prop Stream but looking at it now, looks very interesting and thank you for sharing! Two good sites to compare cities are Sperling's Best Places and DataUSA.IO. These will both allow you to look at for example STL vs Indianapolis side by side on important metrics like Economy, UnEmployment Rate and Population Grown, after that I normally use Redfin's Crime Overlay (a heat map showing high crime vs low crime areas). For your first rental property a good turnkey provider which has connections in many markets is Norada Real Estate.
The Rise to Wealth by Clark Meyer wow those are nuggets. I appreciate that. How many properties do you currently own?
EVERYTHING BYJOHN you got it! Have 3 today but want to get more - Indy is more expensive now so harder to get the 1% rent to value ratio there now
The Rise to Wealth by Clark Meyer that's excellent. I want my portfolio to net me at least $1500 in rental income. But I don't want to go over 80k for the asking prices. I got one property in New Jersey that was emailed to me. 69k. 3br, 3k in monthly revenue.
I plugged it in the calculator, $1800 net monthly. I even input a high 👡property mgmt fee, lowered the gross rent to 2800, and put the maintenance and other fees higher, because I always add a cushion to give a more realistic number. That's how I got to $1800 net monthly. That's a great return and would set my goal immediately. I need rentals with those types of numbers.
On the other hand, there's a property I have under contract as a wholesaler, can't find a buyer for, but I wish I could buy it myself. It's a 3br 1bath, Asking 35k, and renting for $850. Doing the numbers on that, I would be netting around 438$ monthly.
Hello , how do you get the metrics / details , from any given property, in a simple way ?
Hi Davion - great question - the best tool I use for getting rental demand is Hotpads (if you click on a rental listing and then scroll down there is an area that says "competition for this rental" and that is a good indicator of price/demand. Usually if there is 3+ contacts per week you've got good demand. Usually I'll take a look at prices on Zillow, then look at listing in that area on Hotpads, and if people are flooding contacts for similar rentals in that area for X/month then you know the demand is there. The biggest risk is buying in a place with no demand (no revenue) for the asset you just purchased. Wishing you the best luck!