The Truth About Rentals
We are the Mayer’s and we LOVE/HATE our rental properties. Truth be told, we never intended to go out and have a rental business. Prior to our lives together both Stephanie and I were individually establishing our rentals that we manage together today. They range from Alaska to Florida and did I mention we LOVE/HATE them.
The TRUTH about rentals is sometimes discussed but you better search far and wide on the internet to find it. So let’s just get it out there, rentals can be a nightmare, a complete nightmare. But on the other hand you can go for a year or two with good tenants and very little maintenance issues and therefore rentals are glorious. So what is the truth? Probably a little of both, but I’m leaning towards 60% nightmares and 40% dreamy.
With all that being said, let us just be happy that there are some positive aspects of our tax code for those who own rentals. These tax breaks along with the fact that someone else is paying down a portion or hopefully all of your mortgage is fantastic. I’ll refer back to a rarely used word my tennis coach always used, “stick-to-itiveness,” If you are able to do this, you just may recognize your long term goals of having real estate assets with plenty of equity that allow you the freedom and flexibility to avoid a boss (spouses don’t count).
One last tip on rentals, and this just happens to be one my wife taught me. You don’t have to buy a rental property that you yourself would want to live in. There are many different situations that people and families are in and what you find desirable is very likely a factor that others do not. Oh and since we are on the topic of advice, never buy the nicest house in the neighborhood, and don’t be afraid of getting on YouTube and figuring out how to fix a problem yourself.
Prime real estate in Key West pictured below. Sometimes the potential in a home is hidden under a lot of dirt… or Christmas lights.