Have you ever thought of the owning your own rental property? It may seem like a lot of work, but if you are well prepared, it can be extremely rewarding both financially and career-wise. While most of the nation is still struggling economically, business is booming in the great state of Texas.
Here are three more reasons to make the most of this opportunity.
1. BE YOUR OWN BOSS
Choosing to invest in a real property means you are your own boss. If the thought of staying in a 9 to 5 job makes you cringe, investing in real estate is a great way to make income without being stuck in a cubicle. You decide what property to invest, how much to charge for rent, who your tenants will be, and how you will maintain the property. It is a great chance to learn new skills through hands-on experience as a manager, and become a do-it-yourself expert. This new skill set will also help you with potential future jobs.
Though it is a big commitment, when done right, investing in rental property can lead to financial and lifestyle freedom. Set yourself up for a secure future. Who wouldn’t want to choose their own hours and vacation time?
2. MAKE A GOOD LIVING
The most obvious reason for becoming a landlord is money in your pocket. Owning a second piece piece of property can be a great way to increase your monthly income and provide financial stability for your family.
When you own a rental property, you’re entitled to huge tax deductions. Basically any expenses you incur as a landlord you are able to write-off. Most small landlords are able to deduct up to $25,000 in property losses each year. Talk to an accountant about any questions regarding deductions as a landlord.
Do the research, and make sure you purchase a cash-flow positive property. If you are purchasing an investment property, your mortgage payments will often be less than the market price for rent and your tenants will pay your mortgage for you. Many landlords use the positive cash flow to pay for their own monthly expenses, or provide retirement income, top commercial realty advisors suggest reinvesting the money. Think about how great it will be to receive a hefty rental check before your bills are due each month.
3.TEXAS IS THE LAND OF OPPORTUNITY
Many people are moving from other states to take advantage of the opportunities in the Lone Star State and hiring moving companies denver. From 2002 to 2011, with 8% of the U.S. population, Texas created nearly one-third of the nation’s highest paying jobs. With good jobs available, inexpensive land, and a low cost of living, no wonder the population is expanding fast!
In the past 20 years, more than four million people have moved to Texas from California alone. With a current population of 26 million, it’s estimated to reach 30 million between 2010 and 2050. That’s a 120% increase in growth, which means it’s a great time to own rental property here.
CHOOSE YOUR RENTAL PROPERTY TODAY
There is no better time to own a rental property then right now, and no better place than Texas, unless you can find the best neighborhood in Sea Pines to buy from! When choosing a property, make it something you love, a home that you wouldn’t mind living in. Think long-term. Once you have one rental property, you may want to add a second or third. This is a great way to put you on the road to financial freedom.
Contact a realtor today to help you find your own rental property in Texas.