When you first started looking for jobs, you probably looked for something stable and “normal”. You went to the office five times a week, worked from 9-5, had the regular amount of vacation days, and started moving up.
Or, you could go the completely unconventional route and choose something like becoming a landlord. A landlord is much more than someone who angrily knocks on doors, demanding the rent check when it’s .05 seconds late.
In today’s housing market, it’s fantastic to consider becoming a landlord. You can have a satisfying and equally lucrative career.
#1-There are Always Renters
Going back to our original scenario above, outside of work there might be some basic goals as well. You want to get married, have a family, own a dog, and buy a house. While most people probably want to buy a house sometime in their lifetime, the fact is that less and less people are doing so.
More and more people are renting because it’s cheaper for them to do so. Not only are more people renting, but people are also changing places on a regular basis. Over 50% of renters will leave the property after one year.
That’s a double-edged sword though. On one hand, you’re always going to find tenants but on the other hand you may always have to be searching for tenants.
#2-It’s a Lucrative Business
While many people choose to rent out a property as a secondary income (and there’s really no better secondary income), it can also become a lucrative full-time job.
Even though the real estate market may have its ebbs and flows, the truth is it’s a constantly growing market. More and more houses are being built and naturally, more people need places to live.
You’ll also see consistent growth and rise in value of your properties. While becoming a real estate mogul takes years, many people can turn one rental property into multiple for a full-time gig.
Many people take their income from renting and put it towards their retirement. With the bevy of tax benefits you earn from renting, it’s definitely a business where you can take care of yourself now and in the future.
#3-Plenty of Financing Options
There are, by a rough calculation, 5000 different types of loans out there. If you can think of something to buy, chances are there’s a loan for it.
If you’re looking to start a small business, there are many different loaning options but you may not find one that will back you on your business adventure. But when it comes to property ownership, lenders tend to feel safer about lending you money.
That’s because you’re likely to make the money back in order to pay off the loan. You’re not limited to banks either, as there are plenty of other lending options out there to help get you started on your first property.
#4-Expand Your Skill Set
Even though you think you might just be collecting rent every month, being a landlord is much more than that. You’ll be wearing plenty of hats during your time as a landlord, doing everything from fixing up a newly purchased property to learning how to market your properties effectively.
If becoming a landlord full-time isn’t something you want to do, then you could always take what you’ve learned through owning a property and apply it to your other areas of your work life. It’s safe to say that no two days will be the same as a landlord.
#5-You’re Your Own Boss
One of the best parts about being a landlord is you’re your own boss. It’s definitely a non-conventional job without a set schedule, but you’ll be able to largely make your own decisions about when and where you work.
You’ll get to choose who you work with and who your tenants are. There aren’t many other jobs that offer this amount of professional freedom without sacrificing your earning potential.
Plus, you get to make everything yours. If you’re someone who loves seeing the fruits of their own labor, then being a landlord is right up your alley. You’ll be able to look back on your work knowing that you were the one behind it all and helped make all the decisions to reach that point.