Being a landlord has its perks, but it also has its challenges.
Having the ability to own multiple properties and gain a passive income is a dream that many have; it’s a great way to provide a service for the community and help stabilize your own income. At the same time, portraying “passive income” as taking no work is misleading. Clagett Enterprises has a lot to say about the industry. For starters, here are the pros and cons of being a landlord you will want to know before diving in.
Benefits of Being a Landlord
Being a landlord can be highly rewarding, especially if you love working with people and helping people. Tenants love a landlord who is reasonable and quick to answer concerns and property maintenance requests. In an age where rent can be expensive, and people are either starting out, raising a family, or just living their best life, providing comfortable housing is a great service.
You also do get a passive income. Great tenants and property management services will allow you to have a steady income through rent, which will help you gain a profit despite having a mortgage on a rental. Real estate is one of the best ways to diversify your wealth and generate rewards. There is also something to be said about having long-term investments, which usually are more stable and yield higher profits.
Downsides of Being a Landlord
Even though you can get a substantial reward in the short and long term by being a landlord, there is still a lot of work that goes into it. Don’t mistake the appeal of a passive income with little to no work! It takes a lot of preparation and ongoing investment to set up and maintain a rental property. You must be on call should a tenant have any maintenance requests or financial concerns. You must also tend to the property’s maintenance, such as seasonal cleanups, inspections, and sudden repairs. Really, the cons of being a landlord boil down to the amount of time and energy you need to spend on its care. Are you willing to take on a landlord’s responsibilities?
If you are searching for a rental property or a property manager in Maryland, we can help!
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.