Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?

I bought 2 homes in auction in Chicago. I don't live there. I would like to fix them and hand out a property management firm for renting it. Pl. advise how to find how much I can rent them for and what would typically people pay mgmt firms. Also there is a realtor willing to look after the property and collect rent checks. In that case what would I pay her?Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
I pay 8% (of rent) to management company. Also I pay them 50% of the first month rent when they bring in a new tenant and sign a lease. This is in OR. I have heard up to10%. 8-10% seems to be normal.Readestate - I bought homes in auction, dunno how much to rent them for. Also how much to pay for mgmt.?
In terms of the rent you charge, a good agent / agency will advise you what the market rate is and what you are likely to get. It is very much a supply and demand thing.


One thing to think about is the mortgage on the house. How long can you afford to go without having a paying tenant in the house?


In regards to a Realtor looking after the house for you, I think you should ask a few questions like, ';Are they members of a credible Real Estate Institute,'; or ';Are they employed by an agency?'; This doesn't mean they are honest or dishonest, it just means there are other people you can talk to if there are any problems.