Have you ever wanted a career where you are really helping people out? Or how about one that pays really well?
Well, if you become a landlord, you can have it both ways. And that’s not all.
Your rental properties also come with a lot of tax deductions. And you get to be your own boss without the headache of managing a complicated business.
If you’ve never considered being a landlord, your about to find out why you should. Read on to discover even more benefits of being a landlord.
1. Make Money
As long as you get the hang of choosing reliable tenants, you’ll have a very reliable cash flow as a landlord. On the first of every month, you know exactly how much money you’re getting.
And, for the most part, you don’t have to do that much. You have to make sure the property and tenants are taken care of and that any problems are fixed right away.
But, other than that, you just wait to collect your monthly paycheck. This makes any financial planning you have to do quite easy.
2. Make Even More Money (Equity)
Aside from the monthly rent checks you receive, you also build up equity as you pay off your rental properties. Eventually, you can sell the property off to collect this equity. Consider for a moment all the ways you might invest this money.
3. Set Up Your Retirement
Here’s an idea. If you want, you don’t have to do anything with your equity. Just save it up so that, one day, you can live off of this money as you enjoy your retirement.
4. Tax Deductions
Did you know that your rental properties are tax-deductible? For one thing, you get to deduct the interest on your mortgage.
You also get to deduct all the repair costs you pay when you have to call a plumber or have the HVAC serviced. Your insurance premiums on these properties count as a deduction, too.
5. Be Your Own Boss
Being a landlord means you don’t have to answer to anyone else. You get to be your own boss. Plus, you do so without all the hassle of setting up a business and managing employees.
6. Low Startup Cost
You won’t necessarily need a lot of startup cash to become a landlord. All you need is about the same amount of money as you would if you were moving into another house.
Only, this second house is for your renters. And they will cover the monthly payments as soon as they fill out their rental application and move in.
Plus, it’s not hard to get financing for your rental property. At least, it’s a lot easier than it is to get financing for a business.
7. Make a Difference
Lastly, we all need somewhere to call home. By becoming a landlord, you’re providing something that people truly need. And you can feel good about the fact that you’re making a huge difference in their lives.
Ready to Become a Landlord?
After reading all this, why wouldn’t you want to become a landlord? If you want to reap all the benefits above, look into how you can get started as a great landlord.
Is a housing market crash on the way in 2021? How can developers maximize their opportunities in the Kierland submarket? Find the answers to these questions and more on our Real Estate section.
