Are you cut out to be a landlord?
Absolutely, you are cut out to be a landlord! I’m always fascinated by people who are concerned that they are not going to be able to function in that role. While it is never clear to me exactly why people think they are unable, I believe it is because either they don’t want to have control over someone else’s life or they don’t want the hassle. While both of those are legitimate concerns, there is no one who is reading this who cannot function in that role!!! If you were told that in order to achieve your career goal you need to take some action, acquire some certification, go back to school, etc., you would absolutely do it. You can absolutely become an investment property owner as well.
Let’s start with the first problem most people worry about: time. If you truly do not have enough time, you can hire us to be property managers for you.
Secondly, if you purchase a property in good condition, it takes zero time to have someone send rent to your bank account each month.
Third, if you truly do not want to “have control over someone else’s life” (i.e. their housing), that also can be solved by hiring a property manager.
Fourth, acquiring an investment property does not have to be a complicated process where you need to take classes as though you were going to be a high-level investor. You bought one house, now you are going to buy another. It can be as simple as that. If you truly don’t want to have all your eggs in the Wall Street basket, then it is a fairly simple decision. We simply need to find you a house that can rent for at least as much as your mortgage and expenses of caring for the property.
Call me if you want to chat more about this idea!