In 2008, a job opportunity took us from Missouri to Florida. At the time, I wasn’t ready to sell my house, so instead, we turned it into a rental property.
In today’s podcast, we discuss why we kept our house even after we made the decision to downsize.
Keeping the property we have in Missouri is important to us for future income potential. But becoming a landlord and managing rental property isn’t without its challenges, frustrations, and hard work. We have certainly made our mistakes and have learned many lessons.
We discuss our journey we’ve had so far with our rental house saga. We refer to some major home renovations we needed to make when our first renter moved out. Below is our blog post discussing what had to be done to the house and a slideshow of the ordeal. We become exhausted just remembering the project.
The biggest lesson we learned is that if you want the freedom of travel and you have rental property, never try to manage it yourself. Treat it like a business right out of the gate by creating an LLC for the property and hiring a management company.