If you’re not the useful type and do not have a lot spare cash, being a landlord is probably not best for you. Of course, that modifications as you add extra properties to your portfolio. Lawrence Pereira, president of King Harbor Wealth Management in Redondo Beach, Calif., lives on the West Coast but owns properties on the East Coast. As somebody who says he’s not at all helpful, he makes it work. “I put collectively a stable team of cleaners, handymen, and contractors,” says Pereira. Know your rights and the rights of your tenants—it’s a good suggestion to familiarize your self with the Fair Housing Amendments Act.
If you decide to rent out your house and buy another property to live in, you’ll turn out to be the proprietor of two properties. You may rent out considered one of your properties and promote the other, which can give you enough …
