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How to become a landlord in 2020

How to become a landlord in 2020

1. Recognize that being a landlord is a business.
Being a landlord is different than being a private homeowner. It’s a business, and you need to treat it like one.

“Where I see a lot of people make mistakes is, they don’t have a good business plan,” Roberts says. “This type of investment is not hands-off. It’s not just a passive revenue stream. It requires involvement. It requires your time. It requires certain skills.”

Renting in America
Source: Rental Protection Agency, Zillow

Number of renters 112.9 million , Number of landlords 23.1 million, New renters per day 2,654 .New landlords per day 544 Average monthly rent $1,455.

Any property you buy has to make sense from a business perspective, not because it’s a house you’d like to live in.

That means it should be a reasonably priced home likely to appeal to the kind of tenants you’re looking for.

You’ll also need to be able to qualify for a loan.

Lending requirements for personal mortgages have relaxed in recent years, but Jim Merrill of Axel Mortgage Inc. in Phoenix says the requirements for rental property largely have remained the same.

ezikielemmanuel Ezikiel Emmanuel (Starter) Did you learn anything? Yes No        

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