Over the years, we have seen a lot of people who own a house and can't sell it. We have also seen people who have inherited a property. Whatever the case, they are the people we call an accidental landlord. They have asked us for advice and what they should do with their property.
They did not intentionally buy the property as an investment. Instead, they had a situation that occurred in their life. Now, they have ended up with this real estate property, and they want to know, “What do I do?” Do I sell or do I rent?
There is no better vehicle for securing your retirement and making some wealth than real estate. This is because real estate is a way to gain income, tax advantages and leverage. It helps you create all of these cool things, but these cool things go away when you sell real estate.
Selling is finite. You might have to pay to sell. Because of the appreciation of real estate, you might have to come back and spend a lot more in the future to buy the same type of property. Why don't you just hold it instead?
This is probably the first time we have had such a large generation not jumping on the opportunity to buy a house. They are still renting. Rental prices are going up, and vacancy rates are way down.
By holding a property over the long run, we can turn that accidental situation into along-term decision to be an actual investor in real estate. Now, we can be intentional investors in real estate.
When we can pay the mortgage down and finally pay them off using the rental income, this is the key to building wealth. It also feels good to provide housing to people who really need housing. You are providing places for kids to go to school and come home to. It is a joyous feeling to provide shelter and a home for people.
Hopefully, more accidental landlords will see that this process is really easy. If you get a professional property manager, you really do not have to worry about much. With protection from Surevestor, you won't have major problems when there is an eviction. It makes owning an investment property so much nicer, easier and more profitable. If a property owner just takes time to listen to the other alternatives available to them, they keep these houses forever.
We love discussing this with our current and potential owners and investors. If you have any questions about how this could impact your investment property or property management in Phoenix, please feel free to contact us at Service Star Realty!
