Education and news for smart DIY landlords!
Yesterday, I came across an interesting post about the reasons why one must never become a landlord. Owning a rental isn’t for you if…
But there’s a huge chance you want to know if landlording is actually for you, and that’s why you’re here. As someone who’s been in the real estate industry for years, I myself can attest to the wonderful things that come with landlording - and I’ve heard plenty of success stories too.
One of the reasons why landlording is the best is that you own your time and can work from anywhere. If you’ve ever imagined yourself sending out rental invoices and screening potential renters online from the comfort of your home, there’s a chance you’d enjoy landlording.
Because landlording is a business, you make more money. But like other businesses, it requires smart decision making and attention in order to work. There are plenty of opportunities to create a positive cash flow when managing a rental property.
The most obvious way is to charge more rent (because you placed additional features or updated aspects of the rental). It would also help to check the competition in your area and the market demand.
Read More: Considerations on Pricing Your Unit
Yes, there are different tax deductions you can benefit from by being a landlord. For example, you’ll be able to deduct interest on mortgage interest payments on loans and credit cards in order to improve your rental property. Also, travel expenses that are related to your rental property business (local or long distance) can lower your taxable income.
Nothing is ever certain, considering the present state of our economy. It’s no fun being laid off and this makes income diversification more important than ever. If you rely on a regular job which you consider as a primary, create multiple streams of revenue and consider landlording as one of them. You can always start small as a DIY landlord by renting out a spare room.
On the other hand, leaving the day job and becoming a full-time landlord comes with the benefit of enjoying more free time for your loved ones and relaxation. But in order for you to experience the advantages of self-employment, you should be well-prepared. Get a good landlording course. Be careful to avoid mistakes in areas such as tenant screening, maintenance, and documentation.
Landlording isn’t for everyone - that’s for sure. But if you see yourself as a landlord, hopefully, this blog post helped validate your interest.
Learn More About Becoming a Successful Landlord...
Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here.