Not everyone has success as a real estate investor. There are many ins and outs of the business that must be learned – and bold moves can either make or break you. So, it is important to calculate each move and have a thorough understanding of the business.
Perhaps you have heard of a real estate investor or you know someone who is one. Maybe you have even considered the profession yourself. Without fully understanding the profession, you may find yourself questioning the risks – and whether they are outweighed by the perks.
With that said, if you dedicate yourself and spend time learning how to be a successful real estate investor, you will find that the perks really do, by far, outweigh the costs in this profession.
In fact, here are just a few of the perks you’ll get:
More control over your time
Becoming a real estate investor means that you will have more time for yourself. There will be no more punching a time clock and no more nine to five schedules to tend to. In fact, you will now be the one who controls your own time. Use it wisely and you can:
- Free up time to work on other projects.
- Spend more time focusing on additional investment opportunities.
- Spend time learning a side profession or skill.
- Enjoy more time doing the things that make your life full, such as spending time with loved ones or enjoying time
- perfecting your interests or hobbies.
You set your schedule and you control your time. Don’t feel like holding meetings until after 10:00 am? No problem! Want to be home in time for dinner each night? You can! Time is all we’ve got and being a real estate investor allows you more control over yours.
Financial security with a steady income
Investing in real estate may leave you with worries about whether you will be able to handle your mortgage payments, causing you more stress than needed. Assuming you work successfully to find and keep good tenants, you can let this worry go!
Being a real estate investor means having financial security with a steady income. For example, you will receive a steady stream of rent payments that will assist in paying the mortgage, as well as providing you with income.
Tax benefits are a huge perk for real estate investors. And, perhaps the biggest, is the write-offs allowed. Investors get to deduct things such as repairs, mortgage interest, property taxes, operating expenses, and others when it comes rental properties. Depreciation is another tax benefit for real estate investors. This deduction helps with the wear and tear of rental property – and can be taken on your taxes for many, many years.
Speaking to an accountant can provide you with the best information in which you can benefit from becoming a real estate investor. Be sure to discuss capital gains (preferably long-term), lack of self-employment tax, tax-free refinances, and so many others!
Don’t let the risks fool you – there are these and many other perks of becoming a real estate investor.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999 and a property manager, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out atwww.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.