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How long should I own rental property?

Home » Real Estate » Investing in Rental Property » How long should I own rental property?

Before you buy a piece of rental property, you should know how long you plan to own it. The longer you plan to own it, the more you'll have to invest in maintenance, repairs and improvements at the beginning and through the process of your ownership. The longer you own it, the better chance something like putting on a new roof or residing is going to come up. The downside to a shorter time of ownership is it can be a bigger financial risk, especially if you buy during an overheated market.

For many small investors, long-term ownership makes the most sense, said Pat Callahan, an attorney, landlord and founder of the American Association of Small Property Owners. You'll have plenty of time to ride out any swings in the market, and rental income can make a nice supplement to your day job. Find enough rental properties, and being a landlord may become your day job.

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