How to avoid signing your life over to a mortgage
4 posts • Page 1 of 1
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.
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.