My son's family needs to find a rental house somewhere in the Portland Vancouver area. 2 adults, 2 kids, a couple dogs. They've leased the same house for 8 years at $1,400 per month, but the owners now have relatives who need it. They have jobs in Happy Valley and West Portland, willing to commute if needed. Need it by July 1.
Hate to be a wet blanket but they will probably be paying significantly more than $1400 now. Probably closer to $2400 with what they will need.
For $1400, I can offer them conveniently located space near downtown. 12-month lease required. Background check required. First and last plus deposit. barfo
Yeah my rentals all go $2200-2600. You simply cannot afford to rent houses much less any longer. Unless it’s really small.
Honest question ... why is it that "you simply cannot afford to rent houses much less any longer"? The property taxes spike? The less you charge the more difficult the tenant is? I've never been a landlord but am thinking about buying a rental property if things go to shit in the market and can find a good deal.
I also wonder about the logistics of being a landlord, and basic considerations behind pricing. For example, my overall payment on my little 1000 sqft house is about 1400 (P&I/tax/ins). If I were to want to move and rent it out, how much on top of my cost do I add to account for expected maintenance costs? Am I (as others might suggest) "part of the problem" if I want to profit from renting out my house?
My family owns a few rentals, but we generally rent out to family and friends at about cost. We have enough profit to pay for any small repairs and maintenance, but we look at these properties as long term investments. As long as it cash flows, that's all that matters!
