Rental income properties can be great investments. At this moment, conditions are perfect for investing due to low interest rates and the availability of affordable properties. Whether you’re considering purchasing your first rental property, or you’re adding to your portfolio, your first question should always be, Can I afford to own and maintain this property? Even the best landlords in the world have to plan for the unexpected. Otherwise, you can quickly find yourself upside-down and your investment becomes a burden.
So, how much can you expect to pay from year to year? While there’s no magic formula, here are some general guidelines to help you beat the odds.