Have you ever considered being a landlord? Have you often wondered if investing in rental property is worth it? There are many benefits to becoming a landlord. Sure, it may initially seem as though you have added stress to your life. But, in the long run, once you establish a routine, being a landlord can be rewarding for you – especially financially.
So, is being a landlord worth it? Here is why it is:
Income
This is perhaps the first things most people consider when deciding if they want to invest in rental property. If the market is right, then you could end up receiving nice monthly payments from tenants (assuming you screened them well!). This money can go to paying any mortgage you may have on the property, insurance, maintenance, and to stuff your pocket.
Also, if your plan was to maintain the property until its value increases, renting it out is a fantastic way to ease the financial burden of carrying the property.
Financial security
Building a rental portfolio can provide you with financial security that can be with you as you age into retirement. This bonus income can become extremely beneficial to you.
Tax breaks
Landlords receive tax breaks that homeowners do not. A few of these are depreciation, travel expenses, professional services, interest, maintenance and repair, even your home office! A downfall is that rental income is taxable – so providing these tax breaks make it more enticing to become a landlord.
Property Managers
Property managers can take all the responsibility off the shoulders of a landlord. They work to help investors get the biggest return on their investment and have the skills to keep your vacancy time to a minimum. Property managers assist landlords with:
- Tenant screening
- Creating, managing, and storing documents, lease agreements, etc.
- Handle all maintenance requests from tenants
- Collect and distribute rent payments
- Prepare accounting information for forms, both monthly and annually
- Maintain a software system that allows landlords to always know what is going on with their rental property
Being a landlord with a property manager, you can have all the perks of a landlord without any of the stress.
Homes are always needed
Unlike investing in other products, people will always need a place to live. Housing isn’t a trend or a fad – it’s a necessity. So, for investors looking for an opportunity to invest in something that will never not be needed, becoming a landlord is the way to go.
Just like any decision we make, we way the pros and the cons. And, becoming a landlord has both. However, the pros of becoming a landlord – especially if you choose to use a property management company – far outweigh the cons.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999 and a property manager, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out atwww.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.
