Are you interested in investing in a rental property? Now is the best time to start your new path as a landlord, but jumping into any new investment can be scary.
So why bother listing your investment property as "for rent by owner?" Is it worth all of the struggle?
We're here to talk about it. Keep reading to learn all about the benefits of renting out a property in Oklahoma City.
Passive income is the best type of income. While you'll be working hard as a landlord, you don't have to quit your day job. Aside from general management tasks, money will keep coming in without too much added effort on your part.
If you only own this single property, it's easy enough to maintain it. This income is an easy addition to your current income. Passive income keeps you comfortable and gives you financial freedom and security.
A Competitive Rental Market
This is a great time to be a landlord. There are so many tenants looking for housing, so you'll have plenty of great applicants to choose from.
This isn't always the case. There have been times in the past where landlords have struggled to fill vacancies. This disrupts that valuable passive income stream.
In 2021, though, there's a housing shortage so Oklahoma rentals are in short supply. You can use this to your advantage by attracting potential tenants with fair rents and a great property. You'll have so many people applying that you'll know you'll find a superstar tenant.
You Have Control
Not all investments are wise investments. When you invest in housing, you have control. While the market ebbs and flows, it is far more predictable than the volatile stock market or the market for precious metals.
You get to set your prices based on your needs. Sometimes this will mean going under the local average to get more potential tenants, other times it will mean setting higher rents (when it's appropriate to do so) when you know you want to include more amenities.
You have the power here. What's better than that?
Rent Pays the Mortgage
You might be worried about investing in properties due to the potential of high mortgage rates. If you can't afford to buy a property outright, you still have to deal with monthly payments.
When you rent out a property, this isn't a problem.
Rent often covers far more than your mortgage. This is a great benefit for someone who already owns a single-family home but wants to downsize. You can live in your smaller home while collecting income from the one that you choose to rent out.
Bonus: You even get some handy tax benefits for an added financial boost.
Become a Landlord Today
There are so many benefits of putting a home up for rent by owner. You get great passive income, you have control over how much you're making, and this is the perfect rental market to take advantage of.
Now is the perfect time to start your new life as an investment property owner.
Do you need help managing your rental property in Oklahoma City?
At HomeRiver Group, our property management experts want to work with you. Contact us to learn all about what we can do to help you.