Our Rental Experience. After the basics rental properties as viable business option to build wealth. In fact, our involvement in rental properties has helped to keep our tax rates at 5.6%. One of the lessons learned has been that poor credit doesn’t pay the rent.
Almost Real Estate. We’ve certainly had more than two to one on the rental properties that we’ve considered versus those we’ve gone through with. We spent about six months looking at places in Portland, Oregon, but we weren’t finding much on the market. In the end we ended up choosing paying off student loans over buying another rental place. We also considered renting out our place when I was overseas.
Tips. Make sure never to pay for repairs in full until the work is done to your satisfaction. We’ve also watched our grandparents and learned that rental properties are a good way to go.
Resources. Profiting and managing rental properties. Rentometer is a good gauge of comparable rental properties. Check out a copy of one of John T. Reed’s books called How to Manage Residential Property for Maximum Cash Flow and Resale Value.
Bubble Bursting. Of course back in the good ol’ real estate boom there were enough books on how to make a million on flipping places overnight. These days everyone is thinking about how to score some cheap real estate deals in this economy.
Great advice for rental properties. I know my in-laws held onto their properties until they wanted to retire. They then sold all of them and presently travel whenever they want and live a happy and simple life. If you can take advantage of the right market to purchase rental properties, then you have a chance, but don’t over do it.