Become a Real Estate Investor with the Easiest House Hack Ever from Your Property Management Company
What if, instead of selling your home, condo, or townhouse, you decide to maintain it, use a property management company to manage it, and turn a profit month-over-month with it by renting it out? That sounds simple enough, and it is perhaps one of the easiest house hacks possible for those who want to become a real estate investor.
The Easiest House Hack Ever
Are you planning to move, or would you love to purchase a new home in the near future? If so, renting your first home can be one of the best decisions you make for yourself. Every situation is different, but those with the qualifications to maintain their loan can often find this to be one of the best hacks possible. You already own your home. It served your needs for at least some time. Why not let it continue to work for you?
When it comes to strategies for building wealth, real estate is typically one of the options most recommended – and with good reason. Real estate values tend to rise over time. Even if there are dips in the economy or the housing market struggles, it generally rebounds. Over the long term, real estate is a solid investment.
Eventually, you will pay off the mortgage on that property and then collect rent month-to-month without having debt to repay with it. Even better, you can expect that rent to grow over time. More so, when you continue to own your home, especially once you pay down the debt significantly, you’ll have an easy way to obtain funds with low interest if you need to. That is the beauty of equity.
Choose the Right Type of Property to Rent
It’s important to know that not all homes are going to be an attractive investment property. Depending on your area, you may benefit from owning and renting a condo or townhome more so than a single-family home. However, in areas like South Florida, all forms of real estate tend to be desirable for renters. With so many people interested in moving to South Florida, this can be an excellent investment strategy for those with real estate to rent out. The area is a prime location for those who are retiring and looking to move somewhere warm to enjoy it.
Still, there are some key factors to remember:
- The home needs to be in good overall condition.
- The property has to be safe.
- You’ll need to make sure you’re willing to put the time into managing it (or hire a property management company to do that for you).
Owning and renting your home out is a solid investment strategy for many people, including first-time investors. However, there is work to be done and some risk to manage.
Why a Property Management Company Makes Sense
If you own property in South Florida, working with our team to manage your property is one of the best ways to get the most out of your homeownership. Perhaps you want to move out of the area or into a new home. In either case, working with property management can afford you a number of benefits:
If you’re working full-time you may not have the time to manage the hands-on needs of a tenant. That doesn’t have to stop you from turning your first home into a wealth builder for your future.
You may want to move away from the area, which means you may not be able to be at the property often. A team of professionals based in the area can do that work for you instead.
You don’t have to give up family time or your free time to manage your property. You can still enjoy life and collect a significant amount of money each month.
With the help of a property management company, you may be able to make the process work without a significant change in your daily life.
The Benefits of Renting Instead of Selling
Selling your property is one option you have. You’ll close on the home, potentially receive some money for it that is over and above what you owe on an existing mortgage. There are other benefits of maintaining that home and renting it out instead. For example, you can expect this property to grow in value over time. It may also help you to build a strong financial portfolio if the property is well managed. Creating a steady income from your property is yet another benefit of this process.
For all of these reasons, it’s worth taking a closer look at what renting your home out instead of selling it could mean for your financial goals. With a bit of help from a property management company, this could be the ideal situation for you.