There are tons of landlords who rent out their properties to good tenants and if the conditions are right, you could too! If you’ve never considered it, there are many benefits that come with renting your property.
Making a Home an Asset When You Rent Out Your House
Although your primary residence does have its benefits, it is not necessarily considered an asset. Of course, if the real estate value of your home rises, then it becomes an investment & an asset when you sell. But, by renting this same home, it becomes an asset instantly under the circumstances that it makes you a profit. This is how landlords are turning their houses into investment properties quickly & efficiently, while keeping the Title.
If you are contemplating whether or not you should rent out your current primary residence, calculate your monthly expenses. If you can rent your home out for more than your monthly expenses on that property, then you’re one step closer to opening the door to two things: 1. Having rental income pay your mortgage, 2. Turning a monthly profit on a property that you own.
Millionaires Make Money Through Real Estate
Boom. You’ve just taken the first step towards building your wealth in a dependable and proven way! Investing in real estate has created 90% of the World’s millionaires by creating another source of income, aka renting. One of the best parts about it is that one day, you will own the home “free and clear” and you won’t have paid any of your own money towards the mortgage. The home will be all yours to continue renting or return to if your heart desires.
Who knows what these profits could support? Retirement, college funds, vacations?
Interested In Renting Your Home?
If you have questions about renting out your home or finding a new place to live once you do, reach out! We have your bases covered in both areas. Castro Real Estate Team can help you find your next property and our sister company, Onslow County Properties can handle all of your property management needs! We would love to help make the process easy and assist you on your way to creating wealth through real estate!