Exploring the Trend of Income Properties: Are You Ready for the Landlord Life?

Dated: January 3 2024

Views: 115

Click here for a copy.


Before you take the plunge, make sure you can answer “YES”
to these three questions:



  1. Are you ready to be a landlord?


Owning a rental property can take a lot of time and energy. You're not just buying passive income, you're also building sweat equity since the time you spend maintaining, marketing, and managing your rental can add up quickly. So be prepared to do some soul-searching to ensure you’ll not only flourish as a landlord, but actually enjoy it. 


If you want to invest in real estate but aren’t prepared to put in the day-to-day effort required, we can refer you to a property management service for help. 

 

  1. Can you afford to invest in real estate?


The last thing you want is to get over-extended with your new real estate venture. Besides the cost of purchasing the property, you’ll need to consider additional expenses, like property taxes, insurance, administrative costs, and maintenance and repairs. You will also need a cash reserve for unexpected issues or potential vacancies.


We can help you run the numbers to determine whether you can charge enough rent to offset your expenditures.


  1. Have you found the right income property?

Even if you’ve got your finances in order and are emotionally ready to invest, your success as a landlord will also depend on the property you buy. The criteria for a good rental home and a good family home are often different, so it’s important to lean on professionals for advice. 


We can help you find an ideal rental property, taking into account your budget, risk appetite, and investment goals. If you decide to invest in a different area, we'll connect you with an agent who's more plugged into that community. Reach out today to schedule a free consultation.

    Blog author image

    Jackie Force

    Since 2014, I have been working with people across Raleigh - Durham - Chapel Hill, North Carolina ( aka The Triangle) to achieve their real estate goals. Whether you’re looking to buy a house or....

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