Owning rental property is a great investment. It provides you with passive income that you can use to fund your retirement or pay off old debts or that you can save. While purchasing and owning rental property is relatively easy, managing it is another story. Between collecting rent to fixing issues with the building, you might find yourself overwhelmed with responsibilities. Fortunately, you don't have to do it alone.
If you do not want to deal with the hassles of managing your rental property, a property management company may be able to help.
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If you are planning to sell your home but have not found a new home yet, you should consider moving into a master planned community (MPC). Below is some information about this and the many benefits it can offer to you so you can decide if this is right for you.
Master Planned Community
A master planned community is a housing development centered on a community that has everything a person would need in order to be happy.
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If you have finally realized your dream of becoming a landlord, whether to one tenant or one hundred, congratulations. As English philosopher and economist John Stuart Mill said, "Landlords grow rich in their sleep." But being a landlord involves some work beyond buying a property and renting it out. Here are five things you should do immediately as a lessor when you have purchased real estate.
1. Set up a tenant screening process and use it religiously.
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When most people think of renting out their home, they do not think about living at the property. But it is certainly possible to purchase a home, live in it, and rent it out to a tenant full-time. It is an excellent way to generate consistent income that can drastically reduce your homeownership expenses. But this kind of thing cannot work with a typical home as it may not have room to create a dedicated rental.
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As a real estate agent, you might enjoy the rapport that comes with spending time with other real estate agents. However, one downside of having many friends who work in real estate is that you may find yourself comparing your successes with theirs. You may feel unhappy that you just do not seem to be closing enough deals. Part of the problem might be that you are not doing enough to weed out prospective home buyers who will never actually buy a home in the end.
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