7 Massive Mistakes People Make When They Move
Posted by Jay McDouall on
Mistake No. 1: Renting out your old home badly...
Sure, it seems smart to hold on to your old place just in case. It's also nice to collect rent! But that's the best-case scenario; you need to also consider the worst.
“Renting [out] a home can be a great investment, if you know what you're doing,” says real estate investor Mark Ferguson of Investfourmore.com. “The problem is, many people have no idea how to manage renting a home—like collecting rent and checking on tenants—or [to] anticipate the expenses. Landlords have to account for maintenance and vacancies, not just their mortgage payment, so most houses won't make money as rentals.”
So make sure you have a plan to manage your home remotely, and that you can afford to keep paying the…
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