If you remember the first Spiderman movies with Tobey Maguire, you might remember him always trying to sneak into his rickety old apartment while trying to avoid his landlady.
Our young Peter Parker was too busy saving the city from numerous threats. He had no time or energy to hold down a stable job and scrounge around enough money. Thankfully, our hooded web-slinger was able to work everything out.
Those images might have given people the wrong image of landlords. They are always skulking about, waiting to pounce on you if you are but a second late paying rent. Who in their right mind who wants to be a landlord?
Being a landlord is, in fact, quite lucrative and beneficial. That’s not to say you won’t have at least one moment where you’re hounding someone for the rent check, but it doesn’t always have to be that way.
It’s a Great Investment
Everyone always has that logical friend when playing “what would you do with a million dollars”. Besides any fun items like a boat or big-screen TV, they always say they would invest it or buy a property.
Buying property is, well, a fantastic investment. Property values tend to increase. The number highly depends on where you’re living, what you do to the house and many other factors.
That’s not to say that you’re invincible when buying a property and you should do your due diligence and research before you make a decision.
Rental property is also passive income, meaning that you’ll be earning more money with less work overall. That means it’s great for building up your retirement or savings account.
It’s a Great Salary
If you start out by just buying one property, you won’t be ordering mink fursuits or Fabriget Eggs immediately but you will see your earning potential increase over the years. There are plenty of people out there who have turned their real estate properties into the life of a millionaire.
Not only will you be collecting rent at the end of each month, but like it’s stated above, your wealth will increase as the values of your properties increase. You might have to start out small and get some initial help, but with business savvy and determination, it can be a very luxurious career.
You also know that you’ll be getting cash flow coming in every month. People always are looking for places to live in!
You’re Your Own Boss
What’s better than being your own boss? You get to decide when you work, how much you work, where you work and no one will deny you making casual Friday every Friday.
Being a landlord means you’ll be calling the shots. You’ll still have to work with people, contractors, and real estate agents, but you get to decide when you need the work. Plenty of landlords start off doing everything themselves, donning many hats before they reach the prestigious level of real estate mogul.
With many businesses, there can always be a high and low season. There are times when everyone is full-hands on deck and it may feel like you haven’t gotten a chance to breathe in weeks. Then there could be the days when you’re playing trashcan basketball with your office mates.
Unless you live in a college town, do you know when the high and low season of property ownership is? Whenever you want it to be! That means you can spend more time with your family, going on family vacations and setting your schedule. You’ll be able to have a lot of flexibility moving forward.
Starting out as a landlord, you’re going to have to be wearing tons of hats. You might not have the money to pay someone to fix the sink, so you’ll have to do it yourself. You’ll have to learn to deal with tenants who don’t pay rent or are just bothersome people.
You’ll become a more self-reliant person as you’ll learn to combat any situation. Becoming a landlord isn’t for everyone, and it takes a lot of heart and long hours before you can feel like you’ve made it.
If you’re thinking about making the decision, read over the list and decide if it’s something you really want to do.