There are many great things when it comes to being a landlord. From owning your own business to setting your own work hours. All of this merges together in order to generate revenue, the goal of any trade.
Being your own Boss
As a landlord, one of the major perks is the opportunity it provides of being your own boss. This type of freedom and autonomy is a major appeal for many people.
Keep in mind that, as in any business it takes hard work but at the same time it grants a huge sense of achievement due to the fact that you’ll be learning new skills everyday, methods on how to deal with challenges and certainly a unique stage in any student’s life that will affect them in the best way and in some cases, even your own.
Income is unquestionably the main reason why countless people become landlords since it delivers a monthly wage that should cover the mortgage on the current property, the case of most people, allowing them to hold onto the property while it appreciates in value. Yet, the good news doesn’t stop here.
Assuming the role of landlord also means you’ll have the advantage of benefiting from different tax breaks. Meaning, you’ll have deductions when it comes to business expenses and professional, amongst others. Plus, you get to make the decisions when it comes to costs, contracts and terms.
At this time, you might be thinking to yourself – Well, I like the idea of becoming a landlord but I don’t want to quit my job – which is completely understandable since a full-time job equals security. However, imagine that your financial stability is compromised because your job, the primary source of income, is at risk. Being a landlord diversifies your income, providing a buffer which translates into a source of income that can be saved in a bank while it collects interest for the long-run or redirected for a rainy day.
If you own just one property that is your current home, you can handle its management outside your job, during your spare time, such as screening and dealing with tenants. In case you have more than one place and you don’t have that much time to give you can always hire a property management company that vet tenants, collects rent, handles bills and more importantly, focuses on improvements. Despite the fact that this sounds great, your profits will suffer a shrinkage. At the end of the day, there’s a solution for everything.
Ultimately, the position of a landlord is to perform a hands-on job that will allow you to be your own boss and grow your business as you see fit in order to set up what can be more than a trade, an adventure. It will concede you with the opportunity to expose yourself to different challenges, new people that can provide you with knowledge and backgrounds from all around the world and a strong sense of fulfillment. Let’s not forget plenty of funny stories to mention to your friends.