Is Owning a Rental Property Right for You?

Hi everyone! Thanks for joining me again. Today I wanted to talk about the pros and cons of owning an investment property. Having a rental property is right for some people and not for others. So I wanted to give you guys the best information possible to help you decide whether owning a rental property is right for you.

The tenant really determines how the situation will go. If you have a good tenant it’s a dream come true, if you have a bad tenant it can be a nightmare. A bad tenant will destroy your property and cost you money. A good tenant is ultimately going to buy the property for you. Owning a rental property may take 30 years to pay off, but the outcome is all income after that.

Another thing to consider is your personality. Is dealing with tenants in your comfort level? Are you willing to make repairs? If you’re not, an alternative is hiring a property manager. Most property management companies charge within the 7-10% range from a monthly income.

Another tip I suggest is having a backup fund, a savings for repairs and other mishaps that could happen.

Those are just a few things to think about when considering owning a rental property. This is video one of a series. The next topics will be different types of investment properties and other helpful information for you, so stay tuned!