Many people want to invest in real estate, but they’re unsure what part they want to play. There’s some who want to fix and flip to make a profit, there are wholesalers, and then there are the people that want to buy and hold properties to receive passive income every month. These people are your landlords. However, there are many people that don’t want the responsibility that come along with renting out apartments and homes to tenants. No matter what business you’re in, there are pros and cons, and it’s up to you to weigh them out. Being a landlord is a great way to help others, live the life you want, and make a great income. Here are the top reasons to become a landlord.
The number one reason I feel that others should become landlords is to help others. There’s no better feeling than lending a helping hand. There are a lot of good people in the world that don’t have the credit to go out and purchase a home, who need a place to stay, and a safe place to raise their family. Being the person that’s able to make all of that happen for them is an amazing feeling. You always want to do your due diligence and make sure you’re renting to the best possible tenants who won’t tear up your property and who will pay rent on time, but for the most part, you’re making a huge difference in someone’s life.
The passive income that comes along with having rental properties is the best. You purchase your property, fix it up if needed, and start renting it out for a set amount. Once you accumulate what you’ve put into the property, the rest is straight profit. Remember, this is passive income, so you’re going to receive money every month for as long as someone occupies your dwelling. No matter where you are in the world or what you’re doing, that money is guaranteed.
There are great tax benefits for being a landlord. You get to deduct many things, especially if you didn’t pay cash for your property. If you have a mortgage on the property that you’re renting out, you can deduct the interest, any depreciation, and all repairs that you have done on the rental. You can also deduct insurance premiums for having house insurance. These are all great things to think about when it comes to paying taxes.
If you didn’t pay cash for your rental property, as your tenants pay their rent monthly, you’re building up equity by paying down that mortgage that you took out. No matter how good or bad the real estate market is, the amount you owe on your property is decreasing every time your tenant pays you. You’re able to use this equity to pay for repairs when they’re needed or you may want to purchase another investment property with it.
Be Your Own Boss
Being your own boss is one of the best parts of becoming a landlord. You don’t have to report to a traditional job, you don’t have anyone telling you what to do, and you can come and go as you please. You’re in control of your life and you have the freedom to do what you want. You get to invest in the properties that you want, choose the best tenants for said property, and make your own rules. If you want to take off and travel the world for months at a time, you can do that because you still have cash flow coming in monthly.
Being a landlord is a great way to build up for your retirement. When you’re ready to retire, you can hire a property manager to oversee all of your rentals and handle the daily tasks. You’ll be able to keep bringing in money every month for years without doing any heavy lifting. If this doesn’t sound appealing to you, you could always sell your properties and live off of that money for years to come.
Becoming a landlord is many people’s dreams. Many people love the idea of becoming a landlord because of the freedom associated with it. Being a landlord enables you to have passive income for years to come and an income that you can pass down to your children. I enjoy being a landlord because of the guaranteed income every month, along with the freedom of getting to do whatever I like. I travel a lot and knowing that no matter where I am in the world, my tenants are still going to pay me rent. I love spending my free time doing what I please. Whether I am on a beach reading on GoodReads or traveling by airplane while playing on PokerStarsCasino, I know that my income never stops. This is the reason I choose being a landlord over anything else.