When you live in our beautiful slice of Central Florida, you're probably considering the real estate landscape. After all, with business booming in Orlando before the COVID-19 crisis, the amount of new people moving to the area and looking for rental homes has grown! Expansion to Winter Garden is inevitable with the kind of growth rate we see in our area, and it's enough to make any homeowner seriously consider turning a spare home into a rental rather than relying on an outright sale. As an expert in Winter Garden property management, we understand this—but there's more to being a landlord than the income.
As you muse over whether becoming a landlord is the right next step for you, there are a few factors to consider. You have some skills, interests, and resources that, if put to particular uses, could create a long-term, reliable stream of income for you. However, entering the world of rental real estate investing lightly is never advisable. Work through these questions in order to decide whether now is the right time to become a landlord.
Were You Planning on Selling Your Home—but Are Now Uncertain?
When moving to a new property for your primary residence, it's often bittersweet to leave your home. After all, you've probably put some work into keeping that home looking beautiful. If you fear you won't get an offer for its full value, it can be tempting not to sell it. Instead, you can turn a property that you already know inside and out into a rental property, enabling you to generate double the equity! Plus, you can always choose to sell your home when the market improves.
A home you already own can be a great candidate for your first rental property.
- As a landlord, you'll already know what to tell your tenants about the property to make sure they enjoy it to the fullest while taking good care of it.
- You'll also only have the one property to look after, which is a manageable start to landlord work. Finding one tenant, handling one home's worth of occasional maintenance and repairs, and collecting rent from your tenant is also very doable.
- If you aren't sure yet whether landlord work is the long-term lifestyle for you, using your home is a great way to try it out! Many property owners become portfolio investors after they get a feel for residential real estate investing.
Of course, you can make this experimental dip into the water of rental property ownership by relying on the services of professional Winter Garden property management! This not only reduces your risk, but it makes getting your spare home up to speed as a profitable rental property even faster.
Are You Looking for New, More Reliable Streams of Income?
We've all been keeping an eye on what's been going on in Central Florida. Many people have experienced a drop in income or a job loss, and you may be interested in an investment property so that you can have a reliable source of income. Even with the pandemic that has unfolded across the last few months, the vast majority of renters still made payments in April, May, and June.
Because rent is considered an essential expense to maintain one's lodging, your earnings from this "line of work" are often more consistent—even in uncertain times. Yes, there are occasionally tenants who won't be able to pay, but real estate investment tends to be a sustainable, stable form of income for property owners who choose to diversify their assets this way. It's no wonder that real estate holdings are still considered a crucial element of long-term, successful wealth building.
Are You Short on Time but Willing to Partner?
If the idea of becoming a real estate investor appeals to you—but aren't sure you have the time to devote to the day-to-day tasks—you still can become a landlord! Many landlords partner with an established Winter Garden property management company to get started.
They see the benefit of getting to find and launch new investments and then have their property manager run the on-the-ground operations. Not only does this structure leave room for you to expand your landlord business, but it also effectively gives you years of experience in the beginning. Your property manager knows many of the pitfalls of first-time landlords and can help you avoid them and stay on track with your goals for income and growth.
Why a Property Manager Is Key to a Successful Investment
Having a property manager by your side as you become a landlord really gives you access to a wealth of expertise.
- Property managers can give you the shortcut to, for instance, knowing the best possible methods for finding great tenants.
- They understand that methods that work are cost-effective, and have reliably turned up tenants who turn out to be a great fit for your Winter Garden home!
- They also know a network of trusted repair and maintenance vendors that would take you quite a long time to amass yourself.
- You can use your property manager's expertise to help your landlord business 'level up' faster than it would with your skills alone.
Crisis or no crisis, being a landlord alone can be a difficult task. However, we know with the right management and guidance, this could be a very reliable means of long-term income when you need it most.
To get an idea of how we serve you as your property manager here at Verandah Properties, download your free copy of our Collecting Rent in a Crisis Handbook! It contains insight you'll need as a landlord if you intend to get started on your own.