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As for being a landlord, you must first detach from any sentimental connection. It's now an investment property.

It really depends on the net cash benifit you receive by renting
Both of these are spot on.

There are a lot of articles on the web related to selling or not. Let me put out an example:

If your house is worth $100,000 and you can sell it and walk away with $40,000 a simple comparison is to look at what you would get if you dropped it in a bank

If you look at conservative investment returns most say around 6%. or $1200/ year. So in order for a rental to be profitable, you need to make at least that per year after expenses.

When determining expenses, it isnt just the bank note and insurance. In my case I subtract from the rent:

10 % Management company
10 % Vacancy rate
5 % Plan for Repairs

In this case to break even, 75% of the rent - loan and insurance = $1200/year from a pure cash point of view. You can facture in equity that builds from renting and appreciation to get a better idea of your true return.
 
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