With the economic effects of the pandemic well underway, we’ve seen shifts in the modern workplace and societal expectations regarding work, productivity, and living with purpose. As a result of these shifts, many people are switching career paths or adding on additional roles to streamline their income and make the most of these opportunities. One way this is occurring is the increased number of individuals interested in becoming landlords. With more and more people looking for the perfect work from home space, becoming a landlord can be a lucrative opportunity. If this sounds like you, here are five reasons to become a landlord this year.
Help People Out
The housing market is becoming challenging pretty much everywhere. As a landlord, you can give people in need of housing a break and offer them fair renting prices. If the idea of making extra income and making a difference in others’ lives is intriguing to you, consider becoming a landlord this year. You might even review a tenant’s rental history report and help people get back on their feet by offering discounted rent in exchange for handyperson services if they’re capable or qualified for such jobs, or similar positions that might work for you. You might need an assistant to handle your rental inquiries if you own many properties.
Follow Your Passion
If you like the idea of fixing up old places, decorating, and styling apartments, consider becoming a landlord this year. By owning apartment units or other rental property, you have control over the look and feel of your place. You can follow your passion, become the apartment designer you’ve always wanted, and go above and beyond tenant expectations with your décor and design.
Earn Extra Income
You can earn extra monthly income by owning property and renting it out to tenants. It may take some getting used to, but once you learn the ropes, you can handle your responsibilities as a landlord without much fuss and find that it is an effective way to earn money by doing very little.
You might even want to own and rent out multiple properties as a landlord. If you have the means to buy real estate, consider this an investment in your wealth.
Change Your Career For A Fresh Start
Becoming a landlord for a fresh start is always something to consider if you have the means to do so. Maybe you want a change of pace and are interested in the idea of becoming a landlord as a new career path.
Perhaps you’re retired and are looking for a way to bring in extra money without much effort. Sometimes, people need something to keep them busy. Being a landlord doesn’t need to be something you’re interested in. It can just be something you do to feel a sense of purpose.
To Network With People
As a landlord, you’ll likely have lots of open houses and applications to respond to. You may also attend auctions and other events that expose you to people in the industry that want to help you grow as a landlord or who may have partnership opportunities.
By putting yourself in situations where you are exposed to these networking connections, you can work on building your reputation as a landlord, which is essential if you want to earn as much as possible and treat this as your new career path.
The Bottom Line
Whether you want to pursue untapped passions, help others get back on track, change career paths for a fresh start, or streamline your income, there are many motivations behind the decision to become a landlord. If you’re interested in getting started, review the five reasons above and see if they resonate with you.