Buying and renting out properties is a great way to bring in some extra income without the extra effort.
Once you’ve saved up for that initial investment and got yourself registered as a landlord, it’s pretty much plain sailing from there.
Yes, you’re responsible for making sure your rental properties are well maintained, whether that means replacing a broken oven or sending out a professional to fix a leaking pipe.
But for the most part, when you rent out a property you own, you reap the financial rewards with very little work.
There are many entrepreneurial women and men out there who have their own thriving rental portfolios, and want to help others to do the same.
Vicki, the co-founder of Women Who Money, is one of them. She’s a real estate investor and entrepreneur who purchased her first rental property aged 26.
Now, Vicki has created an exercise for budding or new rental property owners: would they buy one of her properties for 65K?
In her blog post, Vicki gives us all the info we need to know about her property.
She wrote:
“For those of you are thinking about buying your first rental property, I thought I’d give you a ‘case study’ example of a property we still own but are trying to sell.”
Vicki bought the New York property back when she was teaching in that part of town. After two years, she moved out, but the current tenants remained.
Renters don’t always stick around for long, but Vicki struck lucky – hers were long term, staying for more than 7 years.
Vicki provided a handy list of everything you’d need to know if you were planning to buy the property.
She mentioned that the property was purchased for $82,000 in 2012, and is a 2-story home built in 1984. It’s in the southern tier region of New York and is currently used as a family home.
Additionally, the property has four bedrooms and three bathrooms, a relatively big back yard, two basements, two kitchen areas, two living rooms and two dining rooms. It’s close to a college and a hospital and has off-street parking space for two cars.
More useful information is that a similar six-bedroom, two-bathroom property one block away is listed for 90K.
She also asked wannabe buyers to make a couple of other considerations when looking at a rental property:
“If you are thinking about buying a rental property, what other information would you want to know about the house?
Does it meet your real estate investing strategy or “rules of thumb” you’ve learned? Or would you pass on it just based on the numbers?”
Vicki might be an expert in her field by now, but, like the rest of us, she started off with very little knowledge.
Most of what she learned was through first-hand experience, so she was keen to share that investing in real estate is certainly appealing, but it might not all be plain sailing – and that’s okay!
As Vicki explained:
“While you can get more information than ever by doing a quick online search on ‘how to invest in real estate’ – just keep in mind that every house, market, tenant, and management company are different. And your feelings about being a landlord will likely change over time too.”
You can check out the full post for a better insight into Vicki’s rental property.
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