If you are searching for a way to increase your income, renting out real estate can be a great option. There are many approaches you can take to this; here are a few of your options for bringing in rental income in Florida.
- Rent out a home. One idea is to rent out an entire home. Perhaps you are thinking of renting out your current home and moving into another, or you are considering buying a second home or vacation home and renting it out part-time. Or maybe you just are considering buying a second home and renting it out full-time while staying right where you are. Any of these can work if they fit your lifestyle and goals.
- Rent out part of a home. Some people prefer to just rent out a room or two in their home to a tenant, while residing in the rest of the home.
- Rent out an ADU. Another possibility is to buy or build an ADU, and rent that out to tenants or vacationers while you remain in your current home.
- Invest in a condotel. A condotel is a unique type of property that is similar to a condo, but includes the amenities of a hotel. They are very popular as rentals in Florida.
- Invest in a multi-family property. If you can afford it, you can consider buying an entire multi-family property like an apartment complex, and renting out the units.
Apply for a Competitive Mortgage
There are pros and cons to each of the options above. The key is to figure out what will be manageable for your schedule, budget, and commitment to work. If you are ready to invest in real estate in Florida to rent out, please give us a call at (786) 220-1100.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
