Rental properties have become increasingly popular as a means of generating passive income and building wealth. Renting out a property involves leasing it to a tenant for a specified period, typically in exchange for monthly rent payments.
Investing in rental properties offers numerous advantages. Firstly, it provides a steady stream of rental income, which can supplement your primary income or serve as a primary source of income. Secondly, rental properties can appreciate in value over time, potentially generating substantial capital gains. Additionally, rental properties can provide tax benefits, such as deductions for mortgage interest and property taxes.