Reasons why YES!
1) Most often the tenant is play some, most, or all of your mortgage payment.
2) Most often properties appreciate in value.
3) Most often the tax benefits are very good for your pocketbook.
4) If an unforeseen events happens you might need to use your rental for yourself.
5) You can use the rental as leverage for other future investments.
Reasons why NO!
1) It could take months to evict a non-paying tenant
2) Tenant damage from a tenant could be very costly.
3) Tenants will call all hours of the day for even the slightest problem.
4) Government regulations are increasingly in favor of the tenant.
5) Future IRS tax benefits could decline.
Becoming a landlord can have great financial awards…it can also have great financial hardship for the owner. Before you invest your hard earned money you should seek professional advice. I would suggest getting advice from professional attorney who specializes in landlord/tenant laws. Also, a professional tax consultant is a must! Other professionals such as a financial advisors, accountants, and property management companies will be able to share ideas, thoughts, and professional advice to help determine if becoming a landlord is right for you. Of course you want to seek the professional opinion of a local real estate agent. Not all neighborhoods will make for a good rental investment because of sales prices in the area verse the market rental value. Please be sure to have each and every question you might have regarding becoming a landlord is clearly answered by a professional. It is so important to weigh all the pros and cons of owning an investment property to ensure the future is as secured as possible.
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