{"id":5121,"date":"2020-03-20T16:51:00","date_gmt":"2020-03-20T23:51:00","guid":{"rendered":"https:\/\/blog.neighbor.com\/storage-blog\/?p=5121"},"modified":"2023-09-29T22:46:22","modified_gmt":"2023-09-30T05:46:22","slug":"how-to-buy-your-first-rental-property","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/how-to-buy-your-first-rental-property\/","title":{"rendered":"How to Buy Your First Rental Property"},"content":{"rendered":"\n

Guest post courtesy of our partner, SparkRental – Automated Landlord Software<\/a><\/em><\/p>\n

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You get it: real estate, even your own home, can produce income.<\/p>\n

Maybe you’re bringing in some extra money by renting out storage space in your garage or basement. You might even rent out the occasional room on Airbnb, or rent a room to a housemate, or some other form of house hacking through the sharing economy<\/a>.<\/p>\n

Ready to up your game by renting out an entire property?<\/p>\n

Buying long-term rental properties comes with a slew of perks, along with a few risks as well. The good news is that you can mitigate each risk through good ol’ fashioned preparation.<\/p>\n

When you build enough rental income to cover your living expenses, you reach financial independence, and your day job becomes optional.<\/p>\n

Here’s what you need to know about building passive income from rental properties and how to make sure you always come out ahead.<\/p>\n

7 Advantages to Rental Properties<\/strong><\/h2>\n

Why should you buy a rental property? What makes it a good investment, as opposed to bonds or stocks or a mutual fund?<\/p>\n

As you explore where to invest your money, consider these seven key benefits to long-term real estate investments.<\/p>\n

1. Ongoing Passive Income<\/strong><\/h3>\n

Rental properties generate income forever.<\/p>\n

They never mature, never stop paying dividends, never declare bankruptcy. Sure, they can burn down, but insurance protects you against that possibility.<\/p>\n

You start collecting income today, and in 50 years from now, you’ll be collecting even more income. All without having to lift a finger after the initial property purchase, if you choose to hire a property manager. If you don’t, there are ever more tools available to you to automate your property management.<\/p>\n

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Can we pay you to store vehicles?<\/h2>\r\n <\/header>\r\n
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List your unused space<\/h3>\r\n

People are earning $1,000s per year from their garages and outdoor space.<\/p>\r\n <\/div>\r\n

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Approve your renters<\/h3>\r\n

You're in control. Approve who rents and the hours of access.<\/p>\r\n <\/div>\r\n

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Get paid monthly<\/h3>\r\n

Sit back and collect automatic payments each month.<\/p>\r\n <\/div>\r\n <\/section>\r\n