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Renting Strategy in SE Michigan

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What is the best way to offer for rent a townhouse in Troy?  Is the rental market more active than the buying/selling market?

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December 29 2008 - Troy
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Tami Vroma, "TamiVroma"

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I am in West Michigan but it is pretty much the same all over our area.  Because there are so many homes on the market, many people have turned to renting them so the rental market is flooded.  You are in the drivers seat.  I have been a landlord for twenty years and I have haggled with a few people!
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December 29 2008
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Bob Carzon, "heritagemortgage"

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You have to decide which is more important....having a tenant at a lower rental rate than you would like, or leaving it empty until you get the rate you want. Only you can answer that for your specific situation.

Can you afford the payments without a renter ? If so, then hold out for the rent you want. Do you need to get the cash flow from a tenant, even if below market rates ? Then promote it with a realtor to get somebody in there. The realtors always have customers looking to rent.

The other question to answer is the length of time you want to own the property. Is this a property that you want to own free and clear someday to have all the rental income as a positive cash flow for you? Or do you want to sell it for a gain as soon as you can ?

There are also tax consequences to take into consideration that your accountant can help you with. Once you determine the answers, you can better plan your course of action.
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December 31 2008
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Maureen Francis _MI_

Birmingham, MI

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Commodities,

There are quite a few strategies for getting a townhouse rented.

First, list it with a Realtor who will market it widely.  The rental market has been decent over the last year.  There are tenants out there, but they need to be able to find you. 

Second, make sure you are priced right compared to the competition.

Third, make sure the condo is in good move in shape.

Fourth, the rent may or may not cover your payments depending on when you bought.  Unfortunately, a tenant is only going to pay market price.

We use virtual tours, multiple photos and a wide array of online tools with all our listings, including rentals.  If you would like assistance we would be happy to talk to you.  We have been very successful in finding tenants quickly for the landlords we work with.

Maureen Francis
SKBK Sotheby's
Birmingham
www.miOaklandCounty.com
248.430.4450
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January 04
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Ash_Lee

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Hi Maureen, Ash_Lee here from Zillow -

Please avoid solicitation. Additionally, no need to provide your contact details on your comments. The users can go to your profile page to view your contact details. You may just address the question posted instead.

Thank you.
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January 05
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Drew Sygit, "Drew Sygit"

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People getting foreclosed on have to live somewhere and they can't buy, so that leaves renting.  So, yes rentals are seeing a lot of activity.

Good info on earlier answers, but keep in mind if you hire Realtor to advertise and place a tenant, that's all many will do.  You may want someone to manage the tenant also, to avoid headaches.
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January 24
 

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