Iâ€™ve been a Landlord for several years. I wish it was a positive and profitable endeavor but that really isnâ€™t true. For the most part, we have found some great tenants but just one bad tenant and horrific experience can make you wish you never bought that investment house â€“ especially when you are just breaking even on a property. That just doesnâ€™t make sense.
So here we are at the tail end of 2010 with real estate prices as low as 2002 and 2003 prices; it just may be the opportunity most investors are looking for. No one becomes a Landlord because it’s fun or because they have nothing else to do. It either happens by default (canâ€™t sell a home) or because the investor sees a financial gain at their fingertips.
Well, the financial gain of being a Landlord may just have arrived. The prices of condos and small homes in the Tampa Bay area have come down so significantly that it is making good sense to buy one of these now and rent it out. Take this example. If you buy a condo or a home for around $50,000, you can most likely expect to get $700 to $800 a month in rent. At that amount, payback with expenses could occur in less than 10 years. Whether you pay cash or you finance the loan, cash sitting in the bank today will never give you that return.
With interest rates and property prices very low, depending on your situation, it might make sense for you to become a Landlord. If we can help you find an investment property in Tampa Bay, please let us know.