.jpg)
If there is one tried and true investment, it's real estate. Believe it or not, 10.6 million Americans earn income from rental properties.
Well, you could be benefiting from that extra income and security, too, and it's easier than you think! Let's talk about the benefits of being a landlord and how you can make it even easier for yourself!
Benefits of Being a Landlord
There are many benefits of being a landlord. Financial independence, extra income, and the possibility of a secure retirement. The best part is that you can start with as little as 15% down and have nearly total control over your investment.
For a relatively small amount of money upfront, you will have an investment that could last anywhere from 20 years to the rest of your life. Don't forget that someone else will be paying your mortgage, too!
However, there are a lot of downsides to being a landlord. For one, you will feel stuck in one place. If you plan on taking a two-week trip, there are a lot of accommodations you will have to make. What happens if you need to move?
Well, this isn't a problem for everybody, so let's talk about the actual day-to-day operations of a landlord.
Is Being a Landlord Hard?
Another downside of becoming a landlord is that you are essentially buying a job. When you're a landlord, you're always on-call. If a pipe bursts at 3 in the morning, it's your job to take care of that.
The average landlord works around 4 hours per unit every month, but these hours will vary widely depending on circumstances. If you're trying to fill a vacancy, it will require a lot more work.
The truth is that your role as a landlord is unpredictable. 4 months could go by where all you have to do is collect the rent and mow the lawn, and then one month comes when you feel like you live at that property, even if you don't.
A lot is up in the air, especially if the building you own is older. Repairs are constantly needed, you have to find and vet your own tenants, and if you choose the wrong ones, it could spoil your entire investment. Luckily, there are solutions.
How To Be a Hands-Free Landlord
If you want your investment property to be completely taken care of, how much would you expect to pay for that?
Well, becoming a hands-free landlord is a lot easier than you think. In fact, to hire a property management company, you only have to pay around 10% of your rental income on average.
That's right. Tenant screening, tenant relations, maintenance, repairs, and everything else will be taken care of for as little as 10% of the rent you collect.
You will have the freedom to travel, move, invest in another state, and free up your schedule for such a small fee. Not only that but you will also be able to rest assured that you are getting the right tenants and the right services every time to protect your investment.
When In Doubt, Rent It Out!
Now that you know the benefits of being a landlord and taking the load off your back, you're probably interested in trying it out for yourself. Being a landlord in Florida has its perks, so if you're interested in earning passive income, feel free to contact us with any questions!
