Over 10 million Americans earn additional income from rental properties. Many earn from more than one rental property, as records show about 17.7 million rentals. How much money a landlord makes depends entirely on the value of the rental and how many properties they have on the market. But their income is constant and reliable. On average, the median landlord household has a yearly income of about $62,000. The typical landlord has around 3 properties. Yet it doesn’t mean that their property value is high. Despite owning 3 properties, 4 in 10 landlords own less than $200,000 worth of real estate. More importantly, a rental business is also profitable because it follows inflation. Therefore, landlords have increased rent by over 30% since 2010, ensuring they don’t lose money on their rentals. So, it appears that running a rental side hustle can be a profitable way of improving your income sources. Are you still unsure about becoming a landlord? These few considerations can help you make up your mind about Starting A Rental Business.
Landlords can be flexible
Your tenants live in your rental 24/7. Yet, it doesn’t mean you need to be available 24/7. As a landlord, you can let them know when you are available for calls and communication. Additionally, you can also reach out to a real estate agency to cover for you.
Running a rental side hustle can happen in your own time, so you can work on it while you are at your most productive. You can entrust tenant management to experts. By making the rules of when you are available and when you focus on your business, you can create a passive income that doesn’t interfere with your lifestyle. As most landlords are professionals with a career, it makes sense to work around their own family and work schedules.
A rental property doesn’t have to break the bank
As mentioned, many landlords own less than $200,000 worth of property value. How is it possible? The answer is simple: You don’t need to focus on expensive property to make your rental business work. For instance, a mobile home from Top Notch Homes can cost as little as $61,000 and be fully functional for your tenants. There’s no need to focus your attention on high costs urban apartments. Remember that tenants also struggle to find a rental they can afford as a result of inflated prices. Therefore, a small property that doesn’t compromise on comfort is definitely a better investment.
Marketing your unit online
Platforms such as Airbnb can be a fantastic site to promote your property and scan potential tenants. Airbnb is not only for holidaymakers and short trips. The platform has a unique function for finding extended stays and monthly rentals, so tenants can easily reach out to a landlord and arrange a monthly stay. They can prolong the stay every month on the platform or by agreement with the landlord. It’s a great solution for tenants who may not be ready to invest in a long tenancy contract but want to secure accommodation for a few months. This can be helpful for someone relocating into a new town or families who are in the process of buying a home and need to wait until it is vacant.
Starting a rental business can be a profitable strategy to build a secondary source of income. Rentals are profitable, and they deliver reliable, passive income. It is the ideal venture for a side hustle.
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