Should You Rent Your Home Even When It Doesn't Cover All Expenses? - The Listing
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- Опубліковано 28 сер 2024
- If you purchased your home or rental property within the last year or two and considering renting your property when you run the numbers, your property may not be able to produce positive cash flow or even cover all your expenses to break even and That Is Okay!
Regardless of whether your rental property expenses are covered, there are still HUGE BENEFITS to owning a Rental Investment Property. Some of the most rewarding are:
1. Majority of Expenses Covered
2. Building Equity
3. Property Appreciation
4. Passive Income
- So, let's say your mortgage payment and all other costs are $2,900/month - that's including mortgage payment, taxes, insurance, and management fee.
When you get your Free Rental Analysis from us here at The Listing Real Estate Management, we'll look at similar homes in the area and subdivision. After conducting a thorough rental analysis, we inform you that rental comps in your area and subdivision rent for $2,800/month.
You may think, "Oh No," if I rent out my property, I won't even be able to cover all my expenses. However, we are here to tell you that it is much more beneficial to rent out your property, cover most of the costs, and gain equity and appreciation while being passive.
So, whether you have to move due to job relocation, career change, relationship change, upgrading to a new property, or just moving across town and you want to keep your asset. It is always a better idea to hold onto your asset and rent it out, regardless of whether all your property expenses are covered.
You will thank yourself later!
If you would like to know how much your home can get for rent, contact us here at The Listing Real Estate Management, we're your boutique property managers and would love to hear from you. Cheers!
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The Listing Real Estate Management is a full-service residential property management company specializing in the management of single-family homes, townhomes, condos and multifamily properties throughout the greater Orlando area. At The Listing, we’re your boutique property managers who set our management standards high. We aim to always be a Resource to YOU and your rental investment property!
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Sound advice right here. As the market turned, I made the mistake of not suggesting certain properties because they didn't "cash flow". Which is what we've all known and have been taught as investors. However, the benefits can far outweigh even a $200-300/mo deficit.
That is great information Richard! Thank you!!