Many people think that it is easy to become a landlord – you know, you buy a property, sit back, collect rent every month and enjoy the income. The popular belief is that once you buy a property and rent it out, then you are all set for the next 30 years or so. At least that’s what I was told before I bought my rental property in Philadelphia.
When the real estate market was booming and New York property was already overpriced, many New Yorkers rushed to Philadelphia to look for undervalued properties. The trick was to buy a property before the real estate market prices skyrocket in Philadelphia. My parents’ friends had bought properties in Philadelphia when the average single-family houses were in the sixty thousand dollars range. Luckily for them, they had double their initial investments in less than 5 years. (more…)
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