What are accidental landlords, you ask? Accidental landlords are those who weren't planning on owning a rental property but end up in that position anyway. There are two common ways that this happens.
The first is where a beneficiary inherits rental properties from a previous landlord. The second is when a homeowner is forced to move, so they rent out their house to avoid selling it.
Regardless, it really doesn't matter how it happens. What matters is that you're suddenly, unexpectedly in possession of a rental property that you don't know what to do with.
But here's the good news. Being an accidental landlord is a blessing, not a curse.
There are several incredible benefits of owning a rental property that you need to learn about right now. Don't even think about selling your rental property until you consider the following benefits.
1. Owning a Rental Property Is Lucrative
Being a landlord is one of the most lucrative jobs there is. You've just come into possession of a fresh, new income stream.
Plus, you can expand your enterprise as large as you want it to be. And once you learn what you need to know, the job isn't very difficult.
2. Professional Property Management Makes It Easy
Now, here's the best part. You can leave most or all of the work to an expert property management company.
If you want, you can enlist this help just to get you started. Once you get the hang of being a landlord, you can be more hands-on, if you desire.
3. Earn Eventual Equity
Furthermore, the income you earn from tenants is the financing you need to keep/maintain the property. Eventually, when you're ready, you can sell it for a profit.
4. Sell When It's Most Profitable
On the other hand, you might be ready to sell now. But don't be too hasty.
As we just mentioned, your new income stream allows you to wait as long as you want before selling. Thus, you can wait until the sale becomes really, really profitable.
5. So Many Tax Benefits
There are a ridiculous number of tax write-offs that you can now claim as a landlord. For instance, you get deductions for mortgage interest, utilities, repairs, and more. This is especially good news if you've become a landlord solely to keep your home.
6. An Inflation-Safe Investment
As far as investments go, none are as safe from inflation as rental properties. When inflation goes up, the price of your property does, too.
7. A Secure, Easy Retirement Plan
When you rely on a property management service, there aren't many landlord duties left for you to do. This gives you a reliable, passive cash flow to fund your retirement.
Accidental Landlords Rejoice!
We hope that we've helped all of you accidental landlords realize the true value of owning a rental property. Now, we're going to help you even more by managing your Phoenix, AZ properties for you.
If you feel like you're in over your head, HomeRiver Group is the solution you've been hoping for. To learn more or to get started, contact us here.