If you own a rental property it is one of the surest way to make money passively but you need to engage in serious property Management and that is why you would see many rental property owner give the management of the property to an agent.
Have you gotten involved in rental properties?
- Thread starter Reedex
- Start date
Yeah, in my former apartment the landlord always rent a particular room out for short period of time. people who usually organise programs use that particular place to do so and I can say it is a very good passive income source.
Renting out a property is a great source of passive income. But you need a lot of money to buy a property. You also need to maintain the property in good condition before renting it out.
Nope. I'm not currently capable of renting a property or anything of that nature
I have not got involved in rental properties so far but it is in my plans for the future.
I have been the one managing one of my father's properties. People think it is easy. Tenants with their different headaches. Some would even refuse to pay light bills and tell you to cut off their apartment.
I know this is not easy. I have heard of similar situations. Now, are you still dealing with properties?
I still manage those properties. I now set my rules before accepting any tenant. I am not in the position of begging any tenant to stay. I have imposed caution fee where a potential tenant drops a certain amount of money before they move in. If they spoil anything, they forfeit the money. If they don't, I refund the money to them when their rent expires.
Excellent. It is so important to set your own rules before accepting any tenant. In this way, you avoid any future problems with the tenants.
