If you’ve ever watched shows like Lives of the Rich and Famous, it might seem like many of the shows’ “stars” have plenty of time to play golf, ride around in their yachts, and sip pina coladas by the pool. One reason for this is because many of those who are wealthy have discovered that time is one of the most – if not the most – important assets that one can possess. And, one of the best ways to increase the time that you have available is decrease the amount of work that you do – especially if it entails trading hours for dollars…and one of the best ways to do that is to set up passive income streams with investment property.
When you have rent-paying tenants residing in property that you own, you can count on receiving a regular check each and every month, regardless of whether you are swimming, sleeping, or traveling around the world.
In addition, using someone else’s money (i.e., your tenants) for paying off the mortgage balance, you also have the extra added bonus of increasing the equity that you hold in your properties, but without the mortgage payoff funds having to come out of your own pocket.
Yes, securing and preparing (and maintaining) properties can take some work, as can finding and screening tenants – but the majority of this work doesn’t necessarily have to be done by you.
Rather, by working in conjunction with an experienced property manager, you can delegate many such time-consuming tasks, which in turn, can free up more of your time. If you own rental units in Orlando and / or the surrounding Central Florida area, give us a call today to find out more about how working with a property manager could be beneficial to you – and your wealth.