Although it is important not to fall for any and all financial-related “opportunities” – take, for instance, “getting rich while sitting in your underwear at your kitchen table” – there are also some instances where unfounded myths could actually be holding your back from generating a nice side, or even full-time, income stream. One such area has to do with rental real estate.
One of the biggest of these mistruths is that you need a lot of money to get started. But the reality is that there are many real estate investing options that won’t require you to drain your savings in order to come up with a sizable down payment. In fact, based on how creative you are when it comes to financing, you may even be able to work a no money down deal, and start seeing cash flow right away.
Another of the biggies when it comes to myths about becoming a landlord is that you need to fix leaky toilets at any and all hours of the day and night. But this myth can also be debunked – especially if you work with an experienced property manager that can take on all of the property maintenance, as well as the tenant screening, rent collection, and other duties that are necessary to keep your investment(s) in top shape, both physically and financially.
Although owning rental property may not necessarily be as “easy” as it looks on television infomercials, it can be much less demanding than many would-be investors who are sitting on the sidelines might think.
If you own – or you are considering the purchase of – rental property in Orlando and / or the surrounding Central Florida area and you’re interested in learning more about how working with a property management team can free up more of your time – then just give us a call today.