I have a love-hate relationship with owning real estate because something always comes up. The more physical rental properties you own, the more problems you will have as a landlord.
In June 2022, I decided to rent out a fully remodeled single-family home I had purchased in 2019 to a second family. We had originally planned to live in the home once it was finished.
However, I severely miscalculated how long it would take to remodel the entire home. Instead of taking one year, it ultimately took two and a half years to complete partially thanks to the pandemic. So when a close by fully renovated home was for sale in mid-2020, we decided to pounce on it.
For our old home, we first got a family to rent the top two floors while the ground floor was remodeled. When the remodel was complete, a new family of three moved in at a higher rent.
So far, the tenants are solid and pay through electronic autopay each month. With only three of them and no pets, the wear and tear on the property are less than the previous family of four with a dog.