“Situations have ended differently than what I expected, but I would never consider that a failure. A no is just a no for today, it doesn’t have to be a no for tomorrow.”
–Amanda Guralski, I Am Not a Smartie Pants
In my never ending (Quijotesque) quest to inform people about how to turn their home into a rental house, Wednesday, July 10th, I will be appearing on the Morning Blend television show, channel 9, sometime between 11:00 am and noon (Tucson time). For those of you not in the Southern Arizona area, the show will archive the interview on their web page.
As we discuss my (and co-author Angy’s) book, Turn Your Home into a Rental House Instead of Selling It!, one topic that will probably be discussed, is the advantages and disadvantages that are an intrinsic part of this business of renting houses.
The upsides to owning rental properties – monthly income and long-term increase in equity – are nice to have, but before jumping in it’s wise to consider the downside of the equation too. Here are some disadvantages that we like to look at as small and manageable issues rather than big obstacles.
- There is work required to prepare your house to rent out;
- Time must be spent finding and managing tenants;
- Life is fraught with problems. Even tenants have a few.
In truth, these things take time to learn. Like riding a bicycle, you learn to buy, repair and manage properties, by doing it. There were times when we were just beginning our business that Angy and I were so frustrated by tenants that we wanted to throw in the towel. But, we kept on going, and we got better at it.
As Aristotle said,
“We are what we repeatedly do. Exellence is not an act but a habit.”
Upcoming Interviews
On Friday, July 13th, at 8:40 a.m. (eastern time) I will be a guest on Mark Wayne’s radio show, WICH 1310 AM, in Norwich, Connecticut.
On Thrusday, July 25th, at 5:08 a.m. (central time) I’ll be on Jeff Anderson’s show, KSDR 14480 AM, Watertown, South Dakota.
Watch this space for information on additional interviews.
Related Articles
6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)
How I Evicted A Problem Tenant in 4 Steps
When to Hire a House Inspector – Radio Interview with Rich Peterson
Getting Rid of Bad Tenants
“Turn your home into a rental” on Mark Wayne Show
7 Reasons to Live in a Fixer-Upper House While You Repair It
6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)
Our First Rental House Plunge
10 Most Frequent Problems Found by House Inspectors
5 Steps to Get Your House Ready to Rent by Terry Sprouse
5 Steps to take if your house is flooded
Some perfectly legal ways to maximize your rental profits
Add “Start a Rental House Business” to Your Bucket List
The 5 Rules on How to Lose Money and Get Your Rental Property Trashed by Tenants
Window Repair with #2 Son
Required Roof Maintenance for Fixer Upper Houses
Learn to Repair Your Fixer Upper Houses
How I Got Started In Fixer-Upper Houses
How to learn to operate a fixer upper house business
The Peaceful Warrior and Fixer-Upper Houses
Tags: advantages and disadvantages to rental property, Amanda Guralski, Aristotle, I am not a smartie pants, Jeff Anderson, KSDR 1480 AM Watertown South Dakota, Mark Wayne, The Morning Blend, turn your home into a rental house, we are what we repeateldly do, WICH 1310 AM
Congrats Terry! It’s a great book. I should have your review up this week.
Sharon
Great!
Congrats on the interview, Terry! Well done =)
Thanks for stopping by. We’ll see how the interview goes on Wednesday.
Looks like I will be using your site for some information Terry. I am just starting to get into real estate in my area and I still am not sure whether I want to flip or do rentals. Here a lot of the deal don’t even hit the market and if they do they are going to cash buyers. Any ways congrats on the interview and I am learning that there is a lot of work to get into and be successful at real estate.
Thomas,
I’m happy to hear that you are getting started in real estate. I lean strongly toward “renting” rather than “flipping.” There are many financial advantages to holding a property for the long term, but I know people who make a good income flipping too.
I’ll be following your blog to see how your real estate business progresses. Good luck!
Thanks Terry! I really want to get into renting but right now I could only do hard money or private lenders since I left my job to start my own biz. No bank is going to finance me for a second mortgage until business is proving to show 2 years income. That in my opinion only leaves wholesaling and buying/flipping. Any other ways you think to get into real estate?