was not a bad long-term financial strategy. Were we temperamentally suited to be landlords?I knew from watching my parents that there's no such thing as a property that manages itself. Unless you're willing to hire a property manager , you need to beYes, it's nice to get the checks every month.
In most locations, it should be pretty easy to calculate your fixed expenses, such as taxes, insurance, any utilities that are the landlord's responsibilities, etc. Be aware that if real estate taxes are based on an assessment that's lower than your purchase price, your taxes are likely to go up. It turned out to be a good decision; the house has been cash-flow positive for three years and we have solid chunk of cash in the bank to cover anything unexpected Berkshire County, Massachusetts is increasingly toney, but our property is located in one of the few remaining towns where working families can still afford to live. My parents' apartments never stayed empty for very long, and ours haven't either, so far.
For us, the long game is not to make a killing on rent, but to hold onto property as it appreciates, which brings us to...This is a tough one, because no one has a real estate crystal ball. It helps to have a long-term perspective, though.
Renting yourself is not always a bad thing, depending on circumstances. However, for wealth accumulation, renting out property that you own is consistent and abundant, in markets close to home, almost no matter what.