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Landlord does not actually dream of being an owner because real estate career is not a popular choice for most students. When you reach the age of becoming a tenant, you will wish to be one of the landlords. Right before you decide to shift into a real estate business, you need to know several pros and cons of being a landlord. Here are several pros and cons that you might encounter as being the land owner.
Pros
· Fixed monthly income- you can ensure of a fixed monthly income every month even without working hard. You can ensure that there will be money on your bank account monthly. Think about the bulk of income coming into your bank account even you don’t have work. If it is sound great to you, then go for a real estate business. You should ensure that all legal forms will be settled appropriately with the help of a professional attorney.
· Long term net worth building- economic turndown can result to slow growth of your business, but you can ensure for a real time income even there is slow growth in the business. You still have properties with a tenant that is why you still have income that will come into your bank account every month. All you have to do is to ensure that all of you tenants will pay on time with the right amount.
· Scattering of income and investment- investing in diverse real estate properties is another benefit of being a land owner. You can invest and circulate inside the real estate business without having any risk. Having diverse investment in other properties is one of the smartest choices to have. The key is to ensure that all real estate forms are organized by a licensed lawyer.
· An advantage over tax- one good thing about real estate business is that expenses are all tax-deductible. You can benefit out of repair and maintenance costs, mortgage interest, phone, local real estate taxes, property insurance, office, accounting, and other costs suffered as a landlord. Aside from that, you can also subtract depreciation such as the wear and tear caused by bad tenants.
Cons
· Unexpected worked and time required- handling a real estate business can really take all your time from searching for reputable tenants to finalizing all the rental agreement. Another thing that can catch all you attention is the care and maintenance of all your real estate property. You can acquire a power of attorney forms in order to prevent this kind of dilemma.
· Bad tenants- you cannot avoid tenants that do not pay on time most especially if you are not that strict in screening the background of your tenant.
Pros and cons is not a hindrance or benefit, it depends upon how you will handle those pros and cons in the business.
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