I am still rather obsessed with the idea of renting property out to make income. It is something that I have thought about for a long time. I have rather fancied properties near to where I live, so that it would be really easy to keep an eye on them. Very rarely, a flat near to the house comes up for sale and we consider buying it. I have looked at holiday rental and even considered some louisville homes.
All my thinking has made me realise that the only way that I could afford to do it is to buy a property outright. If i tool out a mortgage then it would be a big risk because if there was no one in the property, I would have to come up with the mortgage repayments myself and this could be extremely tricky. This is why we have been looking at holiday static caravans as they are very much cheaper and so we could more realistically afford one.
It is quite an exciting prospect and we are seriously thinking about the reality of doing it.