Congrats! You are entering the insane world of being a landlord. The only rub? How much to charge. It's a very important question, and one that is a little more complicated to answer than it may seem at first.
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All in Real Estate
Congrats! You are entering the insane world of being a landlord. The only rub? How much to charge. It's a very important question, and one that is a little more complicated to answer than it may seem at first.
I've had a couple of questions swirling around my mind recently, and for whatever reason they all had to do Unicorns (startups value at $1b or more).
As I've been writing about buying and remodeling condos, I think it's about time that I go over how much it costs to do condo renovations on a budget. It'll be pretty much impossible to know whether you can turn a profit on a condo remodel if you can't ballpark how it costs to remodel your condo.
It's much cheaper (and easier) to buy and fix up a $300k condo than a $600k house. Having just purchased a condo and renovated it, I can confirm that the numbers pan out, but it's easy to pick the wrong plac and end up losing money. No one wants to buy a $300k condo, put $50k into it and end up with a condo worth $325k. Luckily, the right place can be fairly easy to find if you follow these guidelines.