Part-time real estate investor Atif Afzal is financially independent, thanks to his rental income.He also takes his time finding quality tenants in good financial standing who will pay on time.As a freelance film composer and singer-songwriter, his monthly income fluctuated. To create more financial stability in his life he wanted a second income stream, so he turned to real-estate investing.
Thanks to a combination of keeping his overhead costs low and investing in an area where rent prices have shot up, Afzal takes home a lot of the revenue, he said:"My cash flow is a significant percentage of all the rents that are coming in." "A property manager takes anything between 8% and 10%," he explained, referring to the typical fee that property managers collect."And if something goes wrong they're only going to charge you additional for that. I'd rather be the point of contact." He estimates that he's saving $700 a month by doing the work himself.
When evaluating prospective tenants, he looks at their credit scores and employment histories. If they've rented before, he'll reach out to their previous landlords and ask if they made timely payments and took care of the property.to, since he couldn't get a mortgage loan, he would do it again for future investments if he can afford to.
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