Accidental Landlord- From Stress to Success
We've seen it often, you need to move but are upside down on your home, have been unsuccessful selling, or simply don't want to sell. When moving deadlines loom and you are stuck paying for a home you won't be living in, property management might just be the solution for you.
When this happens, most people look at it as a short-term fix until the market improves enough to be able to sell. But it doesn't have to be! Keeping the home as an investment property can set you up for long-term success. When you add in the year-to-year tax deductions and consider the longer you hold the home the more it appreciates, becoming an accidental landlord might be just what you need for financial freedom down the road.
|Are you ready to become a landlord?|
We aren't saying that owning rental property doesn't come without its own set of headaches. But if you've done your research and know what to expect from the beginning, you can save yourself a lot of stress and time. First, talk to your financial advisor or tax professional to see how becoming a landlord will affect you. Next, call your insurance company to get a quote to switch your homeowner's policy to landlord insurance. Also, you will want to start setting money aside for unexpected repairs and deferred maintenance such as paint or flooring.
|I'm ready to rent my home, now what?|
A major sanity saver? Hiring a professional Property Management Company. An experienced Property Manager can help guide your decisions and is working in your best interests. They will handle tenant screening, rent collections, and those late-night phone calls so you don't have to. Additionally, a professional Property Manager will stay on top of constantly changing housing laws, complete thorough inspections, and has a network of trusted vendors to call on.
Converting your home into an investment property has the potential to turna situation full of stress and misgivings into a success story that generates passive income for years to come.