Photo by PoPville flickr user Joe Flood
I’m pretty sure there are a few regulars here who own investment properties. My husband and I have considered buying a small house or condo to rent out. We’d like to bring in a little extra a month and expect property values to increase significantly in our neighborhood over the next 5 years, so now would be the time. We’re already seeing sales prices start to rapidly rise, so affordable options are becoming more rare. We would probably have to borrow against our primary residence for the down payment though, so we’re not sure it’s worth the risk.
To those of you who own rental properties, what are the key things we should consider in making our decision? I’m interested in hearing both about financial considerations and also the general headaches of being a landlord.“