Becoming an owner and leasing a property is an incredibly lucrative opportunity to earn money. The passive income you earn could mean more time for the family or longer vacations or an addition to your new lifestyle as a pensioner. With the mortgage being paid by tenants and the day-to-day affairs being managed by an attorney or property manager, what else is preventing you? Steven Taylor Taylor Equities can be contacted to help you start the process.
The equation here is simple and is not always the case for other types of investments in the financial sphere. To become a landlord, of course, you are going to need a house or apartment to rent. Once you contact a realtor and find the home you want, then you would go to the bank to apply for a loan. The bank will grant you a mortgage to buy the rental property. A portion of the new tenants’ lease will be used to pay the mortgage, and you will have an asset that will do nothing but “sit” there and continue to increase in value. The lease you are receiving will cover the mortgage; therefore, within 10 to 15 years, all profits will go straight to your pocket and, when you decide that you have had enough, sell and use that substantial lump sum you made for whatever you want (maybe buy a boat?)
The Rental Market
The rental market is very lucrative because there are so many people looking for monthly rentals. If you want to generate more income each month, then this would be the best decision as long as you don’t mind taking on mortgage debt. The good side is that this will be an investment so you will be making enough money to pay your mortgage. You could even turn your rental into an Airbnb listing where you have people renting on a daily and weekly basis instead.
Additional Properties and Expenses
Once you find that this is working out for you, then you could get another property and do the same thing all over again, but by then, you may need a property manager to handle the day to day things for you. You can use the equity in the first property to invest again. Bear in mind, though, that you have to pay land taxes and homeowner’s insurance. So, you have to assess all the payments you have to make each month on your investments. In so doing, you will know how much to charge the tenant for rent.
If you are ready to go forward with your real estate investment, it is best to contact the right professionals. The experts at Steven Taylor Taylor Equities are waiting to hear from you.