Becoming a Landlord: Conclusion
Being a landlord can be a fulfilling and financially rewarding experience. Because of the time and money involved in buying, maintaining and renting property, the decision to become a landlord should not be taken lightly. As a landlord, you’ll have a rental property business, plus all the duties and responsibilities that go along with that. Before making any decisions, be sure to weigh the pros and cons and determine if being a landlord is right for you.
If you’re unsure, you could try to get a part-time job as someone else’s property manager to learn the business. Alternatively, you could rent out a room or part of your home on a website like Airbnb. In many cases, rentals are for just one or two nights, so you can try rentals on for size and see how it feels to manage one. If you decide rental property is not a good fit, you can still invest in real estate in other ways, such as though a real estate investment trust (REIT).
If you do end up in the rental market, you may find that you’ll move into future investments with more experience and confidence after your first rental. As long as you have the time and the resources to buy multiple units, it can be a way to boost your monthly cash flow, build significant equity and grow your rental property business. To learn what to look for in an ideal rental property, see Top 10 Features of a Profitable Rental Property.