There are also all the other costs associated with buying a house, such as inspections and appraisals. Huet adds that many property owners use that analysis to figure out how much rent they can charge. Some people get into the landlord business by buying a new home, and then renting out their old home instead of selling it. Another common way to get into the landlord business is to buy a duplex, triplex or four-plex and live in one unit while you rent out the rest of the building. In many cases, depending upon your down payment, the rent, and other factors, the rent you collect will cover your entire mortgage payment.
Some people buy one piece of rental property, and get rid of it as quickly as they can.
They hate it. Others love it. If you have enough houses, managing them can become a full-time job. All rights reserved. DC Connection Dining Out Dot.