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Originally Posted by l2ridehd
I have had 2 rentals since 2008. I rent an average of 9 months a year. Usually September through April and than pick up one additional month. Two years ago I converted one to year around rental as I got a two plus year lease.
Most tenants are excellent. I have only had a couple I don't want back again. I do work at doing it. If you just place an ad and hope for the best you will get prime months only and maybe one more. By working at it I do things like keep my ads fresh, offer specials to good tenants, stay price competitive, keep the property updated, fix any issues quickly, make tenants feel welcome, send news letters about whats happening in the villages, offer gift cards for referrals, maintain an inquiry e-mail list so I can offer a last minute discount when I have an open month, treat tenants like you would like to be treated, make sure they enjoy the Villages. I treat it like a job and do what ever it takes to be the very best at it. Exactly as I did during my working career.
So for me it has been a positive experience. My properties have paid for themselves with some positive cash flow, provided some tax benefit and a significant build of equity. I have met many wonderful people who are still good friends. I believe it's an excellent way to make money as your tenant base is the best you will find anywhere. However you do need to work at it to be successful. At this point I could easily buy several more properties from my current equity and keep them rented for enough months to make them profitable. And if I was 20 years younger I would own 15 or 20 rentals by now and make lots of money.
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The old saying is true - “The harder you work the luckier you get”. We have purchased a total of five houses in TV and “twenty five others” prior to retirement. As we age it’s nice to be down to just three properties. I have one acquaintance in TV that owned 26 homes and 25 were rentals. It is a very profitable business for him and his wife but they worked hard at running it, from what I observed, the correct way. If I was younger, I would have purchased several more in The Villages.
OP, I know several residents who did exactly as you are thinking and they have no regrets. Good luck!