My mind is definitely on rentals these days. Specifically, because I have two properties that have come up vacant. One is a lease option where the tenant/buyer chose not to purchase the property. He’d lived there for 7 years and was the perfect tenant. (Hate to see him go.) The second property is not a lease option, but a straight rental.
It seems I’ve made the same error on both—attempting to be too aggressive on the price of the rent. They’ve both been standing empty for a little too long for my comfort.
In this episode, I’m sharing a little hindsight and giving good tips about managing rentals. It’s important to have a good property in a good neighborhood and price it to match other rentals in that area.
While landlording can be frustrating at times, I still believe that buy-&-hold is a necessary part of building long-term wealth in real estate investing.
Listen and Enjoy:
- The mistake of losing money with a vacancy while attempting to gain more in rent price
- My hindsight regarding these 2 properties
- Tips for managing rentals
- How to attract a better “crop” of applicants