True story – I accidentally became a landlord and “real estate investor” at 26 – and you can too! I learned how to start a rental property the easy way…. and I’m sharing how!
This sounds kind of funny to say but it’s true. I didn’t really become interested in real estate until I moved to Florida in 2009. I lived in an apartment for less than a year until I started looking up places to buy just for fun. I quickly realized I could pay the same or LESS than my rent for a mortgage.
Why would I want to keep throwing money away and paying rent every month if I could own my own house?? I knew nothing about real estate at the time but was really intrigued by the thought of having something of my own.
The Live In To Rent Method
This is exactly what I accidentally fell in to. I was living in the townhouse that I purchased with the intent to do just that – live in it.
A few years in, LIFE HAPPENED! And it was taking me across the country to live in another state. So I had to decide – do I sell this house that I just bought a few years ago? Or should I try to rent it?
So many questions and concerns starting running through my head about potentially becoming a landlord.
What if I couldn’t find someone to rent it?
What if everything starts to break and I don’t live near here?
What if these new tenants destroy the place?
What if I can’t rent it for enough to pay for my mortgage and other expenses?
Isn’t it weird that someone else will live in my house?
If you’re in a similar situation as I just described, you’re not alone! I took a leap of faith and decided to JUST RENT IT! And just like that, I became a landlord at 26. Say what?!
This is the best way to ease yourself into starting a rental property…
It’s Also The Least Risky
Think about it – if you start renting out a place that you’ve already lived in, you probably know the area pretty well. You know what other places are renting for and why/why not they might get rented quicker.
You’re like an area expert because you lived it first hand! You might even know someone in the area that may be interested in renting your property.
Another way to rent out a property like this is to become an AirBnb host. I started my own AirBnb last year and share some short term rental host tips for new hosts over here.
Testing The Landlord Waters
If you’re not 100% sure if real estate investing for rental properties is the right pick for you, this is a great way to test it out! Being a landlord is not for everyone. It comes with it’s own set of challenges – some of them including money and some of them not.
You might get a tenant that calls you every week complaining about something. You might also get a tenant that only calls you once a year, it really just depends. This is something to take into consideration before jumping into the world of being a landlord.
So, Are You Ready To Start Your First Rental Property??
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Accidental Rental
Wednesday 18th of September 2019
This is how a lot of us got started. I had a very similar experience. I needed to move out of the country and decided to become a landlord. It’s a great way to see if being a landlord is right for you.
If you’re in a similar situation and are hesitant, just think of it as a temporary test. You can always sell if it’s not right for you but chances are you will stick with it if you put in the time to learn how to do it right.
beachlifebliss
Wednesday 18th of September 2019
I totally agree! It’s how I got started :)