Ready to be a landlord?
Most of HOMEteam’s clients are seeking to buy their first home – and most of the time it is a single-family home. Single-family homes and neighborhoods are ideal settings to achieve housing, economic, and community stability for putting down roots, raising families, retiring, and aging in place.
But for some, having enough income to qualify for an adequate mortgage to buy a single-family home is a challenge. This is where adding rental income from one, two, or three units to qualify for a mortgage can make all the difference between being able to BUY or remaining a RENTER. Furthermore, it is even possible to cover the expense of owning (including building maintenance reserves) and live in your own unit COST FREE!
Being a landlord has its rewards; but it comes with responsibilities and risks. Successful landlords – whether large or small – buy, manage, and sell their properties AS A BUSINESS. Being proactive to identify risks, mitigate them with appropriate management tools, and have a game plan to achieve a target investment return is what pays off handsomely in the long term. As a business, you must cultivate reliable partners for success: lawyer, accountant, maintenance trades, and tenant vetting resources. This includes becoming known in the community and local government agencies as a responsible and fair landlord. When you have good partners, systems, reputation, and knowledge of what federal, state, and local laws require of you and your tenants, being a successful landlord will come naturally.
Buying a 2-4 unit property as your first home just might be your ticket to homeownership and lifelong wealth generation to live comfortably, provide for your kids’ education, and enjoy a fulfilling retirement!
In addition to offering Homebuyer education and counseling, HOMEteam provides a Landlord Responsibilities Seminar; where experts present on: Fair Housing Laws, Landlord and Tenant Laws, Lead Paint Laws and Remediation, Pros and Cons of 2-4 Unit Investing, Vetting Your Tenants, Financing and Insuring 2-4 Unit Property.
The next session is on January 18th at our 801 Elm Street (2nd Floor) Manchester office. The $39 per household (1-2 people) fee includes AM snacks, pizza lunch, handouts, and priceless knowledge. And readers of this blog post get a Holiday discount of $14 by using the code 4rent2020 when registering at https://www.hometeamnh.org/landlord-training-seminars/ to attend.
May all of you share a wonderful Holiday Season of cheer with family and friends.