How is the renting market nowadays?

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Shamu_IHB

New member
Hello,

This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?

Thank You,

Shamu
 
Shamu said:
Hello,

This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?

Thank You,

Shamu
Click to expand...
Rent market has been soft recently and I decreased the rent on one of my condos by $50/month. Depending on the condition and upgrades in the property, you could expect about $2,100 to $2,400 per month.
 
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
 
Shamu said:
Hello,

This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?

Thank You,

Shamu
Click to expand...

You can get lease comps via this Excel workbook. Get an agent. Use this guy.

Is your place in Northwood Pointe or old Northwood?
 
Shamu said:
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
Click to expand...
It's really up to you, but I have had good luck using craigslist on my condos. Shoot me a PM with the address and your e-mail and I'll send you some closed rent comps off MLS. Do take a look at craigslist to see where comparable units are being offered for. If you would like to list it up on MLS and have me be your leasing agent, I can do that as well.
 
usctrojanman29 said:
Shamu said:
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
Click to expand...
It's really up to you, but I have had good luck using craigslist on my condos.
Click to expand...
Heh... no fair... you have a real estate license so you would know the drill.

Pros for MLS: Usually a qualified renter and a credit report would be provided by the agent(s).

Cons for MLS: Percentage commission paid to agent(s)

Pros for Craigslist: Cheaper

Cons for Craiglist: Mostly students and lesser credit qualified applicants
 
irvine_home_owner said:
usctrojanman29 said:
Shamu said:
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
Click to expand...
It's really up to you, but I have had good luck using craigslist on my condos.
Click to expand...
Heh... no fair... you have a real estate license so you would know the drill.

Pros for MLS: Usually a qualified renter and a credit report would be provided by the agent(s).

Cons for MLS: Percentage commission paid to agent(s)

Pros for Craigslist: Cheaper

Cons for Craiglist: Mostly students and lesser credit qualified applicants
Click to expand...
Haha I rented out my condo before I had my real estate license. That's not always the case with craigslist in terms of the renter quality. I got some great renters for my HB townhouse and they had excellent credit and references (I used a website to run credit and called on the references myself). Typical commission for the rental listing will be 5-6% (to be split between agents) of the total rental amount of the closed lease plus the brokerage transaction fee ($250-$500). For example...if you have a 6% commission and the lease is for 12 months at $1,000/mo then the total commission would be $12,000 x 6% = $720 plus brokerage transaction fee.
 
Shamu said:
Thank You usc for the prompt response. Do you think I should get an agent to represent me so he/she can post it on MLS? or should I just advertise it on craiglist?
Click to expand...

Welcome Shamu,

Why not both?

I'll offer in here too... here's my proposal:

1. You can advertise on craigslist on your own.

and simultaneously

2. I'll advertise on MLS, zillow, realtor.com, trulia, craigslist, homes.com, googlebase, oodle, Vast, Hotpads, Geebo, and Viewr.

I'll get you a lockbox with timed, traceable access, and do a full background/employment/credit check on any candidates before their offers are presented to you.

I'll write the copy and post 20 photos + video tour for your listing, plus a floorplan shot if available.

If the tenant defaults, I handle evictions.

If the toilet backs up, I handle plungers, too.

You pay $100 to cover my photographer's time. (He gets paid for his time, and deservedly so.)

If you get a tenant on your own work, you don't owe a dime beyond the photos. Call me to cancel the listing agreement, no questions asked.

If I bring an offer that you find acceptable, you pay 6% to Coldwell Banker (no additional broker transaction fee) and I earn my keep.

I think it's fair, and I like my odds.

Local references available upon request.

PM me if interested.

-IR2
 
Shamu said:
Hello,

This is my first post but I have been lurking on this forum for a while. I have a few questions in regards to rent out a property in Irvine. We are moving to a new property in Tustin and planning to rent out our first house. The house has 3 bedrooms and 2.5 bathrooms. It is about 1400 sqft (TownHouse) and located in Northwood neighborhood. How much should I expect to get for this house?

Thank You,

Shamu
Click to expand...

Hi Shamu, can I ask about your new property? Did you just bought? New construction? Where... welcome!
 
reason said:
"If the toilet backs up, I handle plungers, too."

IR2, You're joking, right?
Click to expand...

No... he is not kidding. I have video of it too. But, I promised not to post it unless he really pisses me off. So far, so good. He really knows how to work a plunger, much like his sod skills. Seriously, not only is he a fantastic Realtor, but he goes above and beyond with his real estate skills. You should see him when he has to evict someone... it is a whole other side we at IHB have never seen, that would scare even awgee and no_vas. He is well worth his money, even if you are missing a beer or five.
 
wow, IR2, I'm impressed.

all that work for half of $1500? and half of that goes to your broker? so you would gross $350 on that?

you are truly the exception to the rule.
 
Hello All,

Thank You for the prompt responds. Once I received respond from usj, I talked to my agent who helped me buy the property in Tustin. So he agreed to help me listed it in MLS. If I know about IR2 earlier, I would have him to become my agent. Well who knows maybe things don't turn out on how I want it... looks like the agent does not have much experience in renting but we will see. Stay tune =)

Roundcorners,

The property that i bought is in Tustin Field I.
 
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