22. How to make money by renting out houses.

Do you have saved money? Or maybe you have an extra summerhouse? Do not waste this money or investments, but use it to make extra money!

Research is the key with this method. You can buy a house without researching, but that will be dangerous. Instead, look at what needs to be done to make a house worth renting out again. Also, is the property located on a nice area? Will it be easily rented out?

Those are questions that need to be considered. Houses are perhaps quickly sold when they are in a good area and in a good state. On the other hand when a house is not sold in months it may mean there is a problem with the area or the house and you are not making any money.

The basic idea is, when you have done your research and you have found a nice house on a good location, you buy it. After you have bought it you can refurbish it. This of course depends on the state of the house. Some need no refurbishment, whereas others need to be practically built again. This should also depend on how much money and effort you are willing to put into a project.

When the house has been bought and the property is in a great state again, then you have to find people who like the house and are willing to rent it. To reach these people it is necessary to put the house online or perhaps use estate agents to find people.

You need to be sure the average rent in the place where you are thinking of buying the house are higher than the amount

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you would pay for a mortgage each month otherwise you will not be making a profit.

You should also let a professional set up a good rental agreement in order for you and the people that will rent the house to fully understand agreements made.

Hopefully you will be able to rent out the house for some years while it perhaps increases in value. Then you may be able to make enough money to buy a second house and start all over again. A downside is that the value of a property may fall over time. However, if the costs are not too high in the beginning and you are able to make a good profit on it, then a fall should not be too dramatic.

Good luck!

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