Become a LandLord:Grow Rich In Your Sleep
The idea that you can buy an investment property and grow rich in your sleep sounds awesome, but there are some pros and cons to consider:
PRO: Monthly income is awesome – If your property is in great shape and the tenant is great: those monthly mailbox checks can feel pretty great.
CON: Tenants can be a pain – Renters typically won’t care for your home as if it’s their own investments.
PRO: Equity – The property can appreciate over time and the money you make from rentals may cover what you pay for the home.
CON: You need capital – You need a down payment as well as the cash needed to manage the property.
PRO: Tax benefits – Landlords can write off expenses that have to do with owning and maintaining their property.
CON: Potential legal problems – the law is on your tenants’ side if you slack on your duty tome repairs.
If this is something you’ve been considering, I’ve helped tons of investors find properties; I’m a property manager and I’d love to help you out.