Renting Out Property

How to avoid signing your life over to a mortgage
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Nomad
Posts: 117
Joined: Wed May 16, 2018 5:23 pm
Location: UK

Renting Out Property

Post by Nomad » Wed Mar 27, 2019 8:56 am

Does anyone rent out properties for income as part of their strategy?
How well has it worked and what have you learnt?

Jean
Posts: 964
Joined: Fri Dec 13, 2013 8:49 am
Location: Switzterland

Re: Renting Out Property

Post by Jean » Wed Mar 27, 2019 9:03 am

It works well. Tenant is now a Friend. Renting below market rate was a great way to attract and choose a Nice tenant. The réduction in complaints and worry is worth the loss in income.

Nomad
Posts: 117
Joined: Wed May 16, 2018 5:23 pm
Location: UK

Re: Renting Out Property

Post by Nomad » Thu Mar 28, 2019 3:34 pm

Thank you for your input, I'm thinking of doing maybe not immediately but in a while. I think you are right about below market rate, having a property that pays top dollar once-in-a-while pays less then one rented out constantly.

EdithKeeler
Posts: 923
Joined: Sun Sep 01, 2013 7:55 pm

Re: Renting Out Property

Post by EdithKeeler » Thu Mar 28, 2019 11:07 pm

I have a rental house, in another city. I use a property management company. I rented out my house that I'd been living in when I had to move. It's a great way to build equity. I've been lucky; I had the same tenant for 6 years, which substantially reduced my turnover costs. Last year was an expensive year, because I had an insurance claim (new roof--had to meet deductible), and then pretty substantial costs to replace carpet and do some upgrades to be able to charge a higher rent to the new tenant. The good news is, US tax laws are pretty favorable to owners of rentals. The biggest thing I've learned being a landlord is not to try to make a killing on the rent--much better to have a long-term rental and forgo big increases in rent.

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