Owning a rental property is a smart way to build wealth. When you have an income property, you have a valuable asset that you don’t have to sell to profit from. You can simply hold onto your property and rent it out. It’s a great source of passive income, and a wise way to increase your nest egg more quickly.
To make your income property work in this way, of course, you’ll need a tenant. That’s the deal — without a tenant, nobody is paying rent! Fortunately, most tenants are more than happy to hold up their end of this arrangement. But you need to be careful because it is always possible to end up with a bad tenant. And a bad tenant can hurt you and your operation in a big way.
A bad tenant can damage your property
When you manage a rental property, your financial situation … Read More