04 Aug Why property managers rock
During a Q&A call a few months back, a student named Ursula asked if I have a simple formula for calculating whether or not a rental property is worth my while.
I absolutely do: I want the rental price to be at least twice my monthly mortgage payment. That way, even taking into account payments to a property manager and periodic maintenance on the house, I can still make a monthly profit.
That detail I mentioned to Ursula about the property managers is huge. For me, that’s what makes a rental home such a great asset – because I don’t really have to think about it! I just collect the check and let the property manager screen potential tenants, make repairs, and collect the rent.