I have seen this money making from rentals mentioned so often on this site and I am confused as to how you can make money; enough to pay the mortgage on rentals?
We have just come back from living overseas and in the 4 years we were gone we rented our home out. Our real estate agent (scam artist) told us to rent it out at $50 a month less than we were paying on our mortgage so we really lost money. Then when we returned she had not even watched the property and we had over $18,000 worth of damage to fix, which the insurance company did not cover in our tenant insurance. They called it ‘Hard Living’ and not ‘Vandalism’.
So, I thought that we should have rented it out for at least the mortgage as we would have gotten a better class of tenant. Is this a viable thought?
Any advice you could give would be great, anyone!