4Jun

Today lets discuss whether or not you should be a landlord. When flipping houses, sometimes its beneficial to keep a couple of properties in your arsenal. I say this because you want to always be able to have some type of residual income. Now don’t get me wrong, it feels really good when you flip a property and get a large return on your investment. That feels really awesome, especially if you paid next to nothing for it, and you receive a big fat profit. The first time you flip and make your first profit feels incredible. However its always good to have residual income coming in every month. Some investors will say, they only want to get in and get out really quickly. But what if you run into a snag along the way and your funds are being depleted or pulled in several different directions? You want to have that stash of cash available to assist you, should you need it. You see as an investor, flipper and landlord, I have found in my experience that this is the best position to be in. Others may differ with me, but it seems to work in our favor. You see I have actually experienced the very situation I am sharing with you, and was very thankful that I was able to tap into my residual funds from being a landlord to keep moving. Well that’s my thought for today. Hope it helps you determine whether or not you want be a landlord. Until next time!
Happy flipping 😃
J

8 thoughts on “SHOULD YOU BE A LANDLORD?

  1. An interesting thought. My wife and I have looked into real estate from a re-hab/rent perspective. It seems wise to me if your priority is flipping, having that income cushion can be real peace of mind. Being broke and need another thousand to complete your next flip with no income stream to get that thousand from…. might as well be a million you need if you have no way of getting it. Renting a property out would give protect to a large degree. Of course you can’t predict every problem, but at least you have a buffer.

    1. Brian,
      Yes very good perspective, I like the way you think. But always remember, you must have properties available to you also where you can pull the equity out as well.
      That helps get you over the hump. Thanks for your feedback
      J

  2. I m a complete novice in this field, estate management. Just have a question, ‘what is the meaning of flipping’?
    Need an answer. Looking forward to hearing from you soonest, God bless you.

    1. Hi Edemekaye,
      Flipping refers to turning a property around really quickly for a profit. Hence the word “Flip”
      Hope this answered your question.
      J

  3. Hi J, interesting thought. I wouldn’t really know as I’m not in the business of flipping houses, the closest I got was to be a landlord for a short while, twice and it was my family home. Both times were not very good, the first time my tenants friend has set light to a car in the driveway and the side of the house, which is vinyl cladding, melted, the whole side. The second time, I come back to holes punched in the walls throughout the house and a couple of truck loads of crap that had to be removed. I’ve decided that there is not going to be a third time 🙂 all the best, Kerry

    1. WOWWWWW, Kerry I’m sorry that happened to you! I have learned not to rent to friends and family members though. Because it almost always goes bad!

  4. Great article, J. I have always thought residuals and multiple income streams were the best methods available to become financially stable. I have a background in business so I thought (always have) that real estate was a good financial option. I find that many landlords don’t upgrade properties as they would their own homes, nor treat tenants with much respect, I wanted to be different. I have not bought my first property yet, but plans are in motion.

    I have so many ideas that can help with my success once I get started. There are definitely several things that may cause a financial set back (repairs, property destruction) so it is ne essay to plan. Though we know anything can happen to throw things out of sync. Thanks for the info.

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