Renting property to provide extra income is truthfully how most people in the world became rich beyond their wildest dreams. It sounds nice rolling off the tongue but there is real work involved if you want to make any real money at it. And there are several factors that must be considered before plunging head first into such an endeavor like:
Will you be hiring a management co. Or will you try to manage yourself.
Do you have time to cater to the tenants needs and do you have the skills to do most of the basic maintenance required to maintain such a property.
There’s so much to it, but if you have the right mental disposition it should be a breeze.
But beware, if you have a job with benefits, I strongly suggest that you keep it because personal real estate does not pay benefits.
This is just the tip of the iceberg concerning rental property. I’ll cover more in future post. In the meantime I’ll also connect you to Ezine articles and You Tube for a decent reference guide.