The Drawback Of Selling Our Home
We knew that we couldn’t continue to afford to rent our home once my husband was laid off and so we decided to look for a place that we could buy. Our neighborhood was undergoing considerable overhaul and our home was increasingly difficult to sell. That was the day that we stumbled upon the “share economy” and decided to become landlords.
We were not in love with the idea of renting our own home out and thought that it probably wasn’t the best course of action for us at the time. But we also couldn’t imagine selling our home and calling a new place home. We were stuck between choosing a “make or break” option – either we would try to rent our home out on our own or we would pay a management company to do that for us.
The Benefits Of Being A Landlord
The landlords are pros, they go the extra mile to make sure you are happy and if something breaks down, you won’t be stuck in the house. They have the best reputations in the industry and so far they have never failed us. In practice, it’s the landlord who cleans the property and checks in occasionally, while you relax on your holiday, watching the cash build up.
It is a smart option to make a considerable long-term investment in property if you have the capital to do so. With the boom in the market, many people are in the right place at the right time and are reaping the rewards. It’s one of the few investments in which you can put your money and leave it to grow while you do other more interesting things. Even if you are retired you have a full time source of income that is not going to break the bank and at the end of the day you can just enjoy the fruits of your labor. Only a certain number of people can say that.
Renting Our Home At A Loss
We bought a foreclosure home at a bargain price, fixing and flipping to sell it. Although our property is in great condition, it sold for less than what we expected it would.
Not just in the short term, but more in the longer term. We are profitable, yet we are not gaining much. In fact, we could have made more if we
Paid off the property and rented it.
Pros Cons Becoming a Landlord
It is a common misperception that only wealthy people can become landlords. However, a landlord does not need to be rich. It is actually easy to become a landlord because the chances are that you already own some of your own home.
Why would you want to be a landlord?… The same reasons any home owner should want to be a landlord … to capitalize on your biggest asset.
I did the math and discovered that as a landlord my home will increase in value at least 2-3 times more than it will by sitting vacant!
The secrets I learned from my mentor will show you how to rapidly create wealth by building multi-unit family wealth.
You can do it too.
But let’s be very clear about the pros and cons of being a landlord … you don’t want to learn about all the pitfalls of landlording until after you’ve purchased the property.