Renters make up 36 percent of the U.S. housing market. Working in real estate and becoming a landlord allows you to make extra income, sell properties when suitable, and tax benefits.
There are plenty of resources both online and in the local Denver, CO business community that help you succeed in landlord careers. Make the jump to start building your empire!
Here's why becoming a landlord is a great idea.
Becoming a Landlord Helps You Make Extra Income
For people looking for a side income, landlord jobs allow you to make extra income. The more rental properties you have, the more money you can make. If you're not sure what your property will rent for in Denver, CO, you can easily find out!
You might want to make money for different reasons, including a college fund, retirement, or leaving money for future generations.
Are you retired? You might consider becoming a landlord and working in real estate in retirement. Depending on the number of properties you manage, it can be as little or as much time as you want.
When looking at becoming a landlord, you might also choose to become a real estate agent. Real estate careers will grow over the next decade.
Sell Properties When the Market Warrants
If you own the properties you manage, you can quickly sell them when the time is right. Real estate prices fluctuate, should you need extra income. One of the big lessons in becoming a landlord is to 'buy low and sell high.'
The longer you own a property, the more the value increases. You can always sell a property to buy something bigger and better. When you're in control, you have flexibility.
Real estate careers will teach you that your property might be in a section of town that's no longer desirable for tenants. You might choose to sell the property for redevelopment.
In landlord jobs and landlord careers, you'll learn about the tax benefits of becoming a landlord.
You can deduct mortgage interest and receive deductions for insurance premiums on your employees' homeowners insurance health insurance. In addition, you can get a depreciation deduction as a property decreases in value over time.
Deductions are also available for the cost of doing business. Travel expenses, meals, and offices expenses are all deductions you can take on your taxes.
During your career as a landlord, you'll also need legal services. You can deduct those costs as well!
It's important to talk with a tax professional about what is and is not okay when deducting expenses. It can save you time and money!
Benefits of Becoming a Landlord
Becoming a landlord means plenty of advantages for your financial life. Making passive income, selling when good market conditions exist, and taxes are all benefits.
With a growing rental market in Denver, CO now is the time to get into landlord careers. With some hard work and a little hustle, you'll see the benefits immediately! Contact us today!