Let’s face it - When a recession hits, almost everyone suffers. As a landlord, you have a lot to worry about. Are your tenants going to be able to make rent? Will you lose tenants? Will you be able to find new tenants to find unoccupied units?
A good number of the wealthiest people in the world ascribe their success to real estate, and with good reason. According to billionaire Andrew Carnegie, 90% of millionaires became wealthy by investing in real estate. Real estate is a good investment opportunity as it provides a hedge against inflation, offers long-term rewards of equity growth and appreciation, and delivers considerable tax breaks.
As you manage your rental properties, you want to come back to the bottom line and make sure you are making every effort to maximize profits. Every month, if you are working from the same circumstances as many other rental property owners, you are trying to minimize payments, including your mortgage, and maximize rental income by keeping the property rented consistently.