Updated March 28, 2022
Think back to when you were in elementary school: you probably never had a landlord show up on career day with the doctors, lawyers, and other parents to get kids excited about their future prospects. Most people probably don’t dream of one day becoming a landlord when they grow up—but we happen to think it’s a pretty good gig!
As a provider of the best property management services to homeowners, we’ve been around long enough to really enjoy what we do—but we also acknowledge it’s not for everyone.
This very idea is why we developed Reeder Asset Management in the first place as property owners who serve other property owners. However, that doesn’t mean you can’t benefit from rental property income if being a landlord isn’t your ideal career!
The question of whether or not you should become a landlord often emerges by accident:
- Maybe you inherited a home, and you’re not sure you want to sell.
- Perhaps you’re looking for ways to maximize an investment property’s earning potential.
- Maybe your family is growing, and you need more square footage to meet the demand for space.
Whatever your reasons, you don’t need to make being a full-time property owner your new dream job. You have the advantage of property managers to serve your interests! However, if you are thinking of making the move to becoming a landlord on the side, here’s what to consider when evaluating the needs of a potential rental property.
When Selling Your Home Isn’t the Best Option
The real estate market is a little uncertain right now. Were you thinking of selling your home, but now you’re not sure you’ll make a profit on the sale? There’s a lot to consider—and the condition of the market isn’t the most significant factor.
Relocating to a new home used to be an easy decision about the current (or former) house: sell it! No one wants two mortgages, and the money you make from the sale goes toward your new home. However, a sale isn’t always the best way to put the most money in your pocket from your additional home.
What are your long-term financial goals? If you need cash now, selling your home could be your best short-term option. However, if market conditions aren’t ideal—and you have a bigger financial plan for your future—turning your home into a rental property can yield long-lasting benefits for Logan homeowners.
Extra Income Is Critical Right Now
In uncertain times, putting extra money in your pocket helps you prepare for income or job loss. When the economy struggles, “extra” income is no longer “extra”—it’s essential.
If you have a steady monthly income from a rental property, you have the cash flow to help cover your expenses during a crisis. Despite what you might hear in the news about tenants not paying the rent during a recession, a lease agreement for your rental property ensures that rental payments still happen during a crisis. In fact, the vast majority of renters continued paying their rent during the height of the COVID-19 pandemic.
Plus, partnering with a property manager means you don’t have to worry about collecting rent! Even in a crisis, your property manager works with tenants to enforce rent collection—with compassion—while protecting your income.
Think Beyond Rental Income
Your home as a rental property can improve your financial picture in more ways than just collecting a monthly rent check. When you work with the top property management company, you don’t have to do any hands-on work to experience the following benefits:
- Tax deductions at tax time
- Property value appreciation
- Purchase price depreciation
- Long-term monthly income.
Becoming a landlord without doing the work while receiving these financial benefits is always a positive perk!
Your Home Becomes an Investment With a Property Manager
It’s that easy to become an investor and turn your home into a rental property! Of course, a lot of work goes into making sure your property generates revenue—but that’s where the help of the right property manager comes in.
It’s not as simple as finding someone who needs a place to live and telling them where to send your monthly check. You already have the property—but the right guidance from a management company helps protect your property (and your finances) to transform you into a successful landlord!
You Don’t Need Experience
You don’t have to learn how to be a landlord to collect rental income: experienced property managers provide the experience while you provide the property. Your property manager does everything for you and your tenants, including:
- Marketing your property.
- Make the rental agreement contract.
- Screening and selecting quality tenants.
- Setting the rental rate and collecting the rent.
- Providing 24/7 maintenance services.
- Performing property inspections.
- Keeping you informed through financial reports.
Professional property management makes it possible for homeowners to turn a house into a rental property—and benefit from long-term, passive income!
Don’t Settle for a Sale—Choose Property Management!
Selling your home isn’t a bad option—especially if the market is favorable! However, why settle for short-term income when you could generate long-term revenue to build more wealth? If you are thinking about your financial future, Reeder Asset Management has the property management expertise to help you become a hands-off landlord!
We’re here to talk! Learn more about how we make sure you can depend on monthly rental income—even through a crisis—with our free Collecting Rent in a Crisis Handbook!