When I became a landlord, I spent a lot of time and energy trying to figure out what would be a “fair” rent to charge. I tried to consider all the variables, including the relative incomes of my tenants, my own income and cash-flow needs, which expenses were for upkeep and which were capital expenses, the equity versus the interest portion of the mortgage payments, how much my labor on the house was worth, etc. I got absolutely nowhere. Finally I went to someone who specializes in giving money advice. She said: “You’re acting as though there is a fine line at which the rent is fair, and at any
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