Victoria was moving out of town and decided she wanted to rent out her property instead of sell it. However, the unsupported DIY landlord approach didn't start out so well. Marketing the property on Zillow and Facebook was slow going, and she wasn't sure how she'd manage the property from far away. After over a month on the market, the rental property still sat vacant.
Considering renting out your home for the first time can be both thrilling and nerve-racking. Is it worth it in the long run? Should you sell instead? How much work is it going to take?
Finding the right price for your rental can be tricky. Price it too low, and you'll miss out on income (and your property might be perceived as "cheap"). Price it too high, and you may scare off potential tenants and face higher vacancy rates.
Looking to lease your rental property? Whether you're brand-new to the real estate world or have been around the block a couple of times, you likely know the first major decision you'll need to make is—do you self-manage or hire a property manager?
Owning a rental property is a great way to earn extra cash each month and even make a living:
Prices matter, especially when it comes to real estate. Just think about how much time you spend at the grocery store debating between name brand and off-brand products—and that's just to save you a couple of cents.
Owning a rental property can be a profitable investment, but it's also a huge responsibility. Marketing your property, keeping it occupied, collecting rent, handling urgent tenant phone calls, ongoing maintenance—what might look like a fun side hustle at first can quickly become another job.
Owning a rental property isn't cheap, but you probably knew that already. Mortgage payments, taxes, insurance—it takes a lot of cash.