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  #1  
Old 05-23-2007, 02:07 PM
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Vegan702 Vegan702 is offline
 
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Default 1007

I have a rental property in a rural area with no rental information available. Is it ok to use newspaper ads for rentals even though they have not been rented yet?
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Old 05-23-2007, 02:14 PM
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Midwest Guy Midwest Guy is offline
 
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Originally Posted by Vegan702 View Post
I have a rental property in a rural area with no rental information available. Is it ok to use newspaper ads for rentals even though they have not been rented yet?
Sorry, I usually turn down such investment properties in areas of no rental comps. Understand that even if the 1007 is not part of the original assignment, it is probably coming as soon as UW reviews. Clients sure do seem to always think its our fault when they have a 1004 and cannot get a 1007.
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Old 05-23-2007, 02:19 PM
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Vegan702 Vegan702 is offline
 
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I talked to a couple Realtors and they all said most of the owners rent without using a property management company or Realtors, so the rental information is scarce. I figured I could use some rental ads from the newspapers and just grid them and not make any adjustments for anything since the information isn't that great.
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Old 05-23-2007, 02:27 PM
stefan olafson stefan olafson is offline
 
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Newspaper information is a good supplement, but.......

I'm betting there are some rentals in the area, don't know exactly where you're working but banks, property management companies, insurance agents, the people at the newspaper, should provide you with some clues towards rental info.

Heck, call the for rent phone numbers in the paper, explain what you're looking for and maybe they can help. Don't say there isn't anything until you look under every rock, that's where the state will look if they want to get you.
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Old 05-23-2007, 04:45 PM
Mike Boyd Mike Boyd is offline
 
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Maybe you can look in old issues of the newspapers under the for rent category. Go back 6 months to a year. Call the owners of properties being offered for rent and find out what they rented them for and the specifics of the property. There MUST be some real estate agent that does rentals. Ask around who does them.
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Old 05-23-2007, 05:11 PM
STEVE COOPER STEVE COOPER is offline
 
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Don't forget driving around the neighborhood looking for signs and what not. Ask other tenants you meet on and see if they know any other renters. But to answer your question, I would use an ad from the paper, but I would call up to make sure it is rented. It's possible in many rental situations that the owners have already rented it in the past and are looking for a new tenant.
  #7  
Old 05-23-2007, 05:34 PM
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Jerry Bone Jr Jerry Bone Jr is offline
 
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Is it ok to use newspaper ads for rentals even though they have not been rented yet?
It's OK if you disclose the unrented status.
  #8  
Old 05-23-2007, 05:38 PM
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Many people who own one rental property own more than one - call and ask.
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  #9  
Old 05-23-2007, 05:43 PM
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David Wimpelberg David Wimpelberg is offline
 
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Quote:
Originally Posted by Vegan702 View Post
I talked to a couple Realtors and they all said most of the owners rent without using a property management company or Realtors, so the rental information is scarce.
They're your data sources, so pick up the phone.

Quote:
I figured I could use some rental ads from the newspapers and just grid them and not make any adjustments for anything since the information isn't that great.
Asking rents help to provide the upper limit of potential rent, and that information is helpful at numerous levels.
  #10  
Old 05-24-2007, 01:08 PM
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VolcanoLvr VolcanoLvr is offline
 
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In my area, the MLS uses the Rapatonni software program.

They have 'additional criteria' as additional search fields, and in that section is a place for 'monthly rent' (or similar wording).

So you can search for sales in the appropriate area that were rentals at time of listing.
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