Getting Good Info on Housing Rental Saved Me from a Lot of Costly Mistakes

When I got my first rental property I was just 18. My grandfather had me help him the summer I turned 18 on a house he bought. It was a cottage home next to a lake. There were plenty of summer activities on the lake, and the fishing season lasted year round. There was the fall salmon run and the winter ice fishing. He said the place would rent year round. We fixed it up nice, and he gave it to me. I knew nothing about renting, and neither did he. Now I get info from a housing rental website that has tons of articles and information on all kinds of topics landlords are interested in. Back then I was on my own.

My grandfather wanted to help set me up with an income opportunity, but he admitted that I was going to be on my own to learn how to do it right. I had to learn all about the insurances and permits I needed, and I needed to learn how to set my rental rates. This was a short-term lease property that was rented out to tourists and fishermen for three days to two weeks at a time. Local rules stated that renters could stay up to 30 days without issue. Longer stays had all new rules. I kept everything at two weeks or less for renting.

Then I bought a couple of properties nearby with my profits to also rent to tourists and fishermen. My fourth property I turned into a regular residential rental property for yearly lease tenant use. I got more housing rental information when I added that type of rental property. As the years went by, I bought a bait shop. It was my first commercial property. I owned the business and the building. My grandfather runs the bait shop along with my sister. Getting good information on renting properties has really helped me to not make mistakes that could have cost me a lot of money over the years.