As the majority of homes in Cleveland are now being rented out, it is the perfect time to invest in a rental unit or home.
But before you buy a property for the first time, you should know the truth about becoming a landlord.
Read on for the top 4 real estate investing myths that simply are not true.
1. Renting Your Property Is Hard Work
One of the biggest real estate investing myths is that you are in it alone. From picking the best tenants to maintaining the property, it sounds like a lot of work for one person, because it is.
However, when you hire a property management company to assist with these tasks, being a landlord is as simple as collecting a rent check — which can be managed as well.
This makes it easy to buy property anywhere without having to visit the site regularly. Property management allows you to monitor your investment from afar without having to worry about servicing it or dealing with tenants.
2. Real Estate Investment Is a Huge Risk
If you know anyone who has purchased a home for the investment opportunity, then you should listen to their real estate investing advice. And it will most likely be that as long as you are prepared, housing investment is a low-risk option.
This is because no matter how the housing market fluctuates, you still have an opportunity to rent your home for a monthly income. In addition, you always have a place to live if you need to sell one of your properties.
Lastly, if the price of houses goes up in Cleveland, then you also have the option to sell your house for a profit.
3. A Mortgage Is the Only Way to Buy a Home
There is more than one way to invest in real estate.
In fact, one of the most realistic real estate investing tips is to pay for a home all in cash like 30% of people did in the first half of 2021. By saving money before buying a property, you can ensure that you own the home immediately.
However, if you do not have the cash to pay in full, a mortgage can be helpful. You will be able to use your rent checks to pay for your monthly mortgage payment.
4. Owning a Home Is a Prerequisite to Investing
It is a misconception that all real estate investors are also homeowners. In this real estate investing guide, no one says that you need to own a home to rent one.
You could use your rental property as means to save for your dream home, especially when you use a property management company to handle the logistics for you.
So, while you may have to pay rent to someone else in the meantime, you could eventually pay cash for the home you plan to live in in the future.
Getting Started With Real Estate Investing
As you can see, the biggest real estate investing myth is that it is too hard. In fact, getting started is just as easy as taking care of your investment when you have the help you need.
Be sure to contact us today to help make your new property a seamless one.