Thinking about getting a little deeper into the rental property business and was looking for advice mostly on making the numbers work. I have a rental house with a partner, but it hasn't worked out as well as we had hoped financially. We've had trouble getting people in the place and I think it's due to the fact that the house was just too expensive of a purchase to get a decent return based on the rental market.
I'm now considering buying something cheaper that will demand lower monthly rent and then hopefully adding a new house every few years until it can become my full time job.
So, for those of you who are in this sort of situation, how do you make your numbers work? What do you feel you need to clear every month for it to be financially beneficial? I've only had the other house for 2.5 years, what sort of long term costs should I account for that I haven't run into yet (things aside from insurance, taxes, minor repairs, etc)
I'm now considering buying something cheaper that will demand lower monthly rent and then hopefully adding a new house every few years until it can become my full time job.
So, for those of you who are in this sort of situation, how do you make your numbers work? What do you feel you need to clear every month for it to be financially beneficial? I've only had the other house for 2.5 years, what sort of long term costs should I account for that I haven't run into yet (things aside from insurance, taxes, minor repairs, etc)
