Rental properties can provide a steady source of income while you build equity in a property. In addition, the property may appreciate in value, and you may be able to enjoy certain tax advantages along the way. Here’s a look at how the process could work.
You’ll have to make an investment to generate cash flow from rental properties. Although mortgage interest rates are still favorable, you will need to come up with a down payment that could range from 20% to 30% for investment properties. Of course, you’ll have recurring expenses, as well. Factor in your mortgage, taxes, landlord-specific insurance policies (both property andliability), repair and maintenance costs, and unexpected expenses related to your tenants – such as legal fees incurred as a result of a problem tenant.
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