The Real Estate Game
The secret income of owning real estate is a fairly easy business to get into. The majority of people do not realize how easy it is to get into the real estate game. It all begins when you buy your first home. You love that home and improve it every chance you get. The day may come, however, that you desire another home. It may be because your family size has changed and you need to have a larger home, or smaller home.
Perhaps you need to relocate to be near a loved one, or for a career advancement. When a move is in your future the first thing that comes to mind is how you will move from one house to another. Most put their house up for sale. But before you make this choice, consider not selling your current home and becoming an active part of the real estate world.
A small amount of research can out you in contact with a property management company. Find out the fees they would charge to find tenants for your property, maintain the property, and get you the rent money (minus their fees for being the middle man). Once you have their numbers you can calculate how much rent you would need to charge to cover the cost of your mortgage on the home plus the fees, and a little bit more to give you an income on the situation.
If this is a thing you would consider doing, be sure to save your extra income on the unit for a year or two, just to insure if there are any major damages made to the property or if something breaks. This ensures that you will have the funds to fix such things, or if the unit goes unrented for a couple of months you would be able to still pay the mortgage that is in your name.