Is a Rental Income Property For You?

Is a Rental Income Property For You?

Brittney Barr

The Marc Gup Real Estate Group

Keller Williams Realty

Owner occupied rentals are an option I’ve seen many buyers contemplate. It sounds great right? Live on one side of a duplex, rent out the other side and have renters pay your mortgage. This can be a great decision, but the questions you need to ask yourself is: do you want to be a landlord? Is being a landlord worth it? I bought my first duplex when I was 26 years old. It’s been great to be a landlord, although it was a huge learning curve. It has given me freedom to own property and soon will become steady income flow. It’s a great option if your ready to take on more responsibility and education. Three things to think about before you consider buying a income property written by Patrick Johnson a successful property manager/landlord; Managing rentals is a business not a hobby, keep things professional always, organization is the key to growing your real estate portfolio. Be prepared to handle issues with the property and issues with tenants. Having a qualified and reliable handyman on call can be one of the most important parts of managing a property. Also be prepared to track expenses and income to maximize tax advantages and understand your cash flow.  If you’re thinking of becoming a landlord there are many great options in this great city we live in! The Southern Maine area has many options from single family rentals to 10 unit apartment buildings. Own your own business and be your own boss!

The Marc Gup Real Estate Group

Keller Williams Realty

207.232.6127

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