How to Be a Hands-Free Landlord

How to Be a Hands-Free Landlord

Owning property is the one time-tested investment, and you don't have to take it from us. Most millionaires still agree that it's the best investment available today.

However, investing in rental properties comes with a lot of responsibilities for most landlords, even though it doesn't have to! Let's talk about how landlords can become hands-free in 2022 without breaking the bank!

How Much Do Landlords Work?

Let's be honest and say that, unlike other investments, when you buy a rental property, you're essentially buying a job. This can cause unwanted travel restrictions, tie you to one area, interfere with your schedule, and cause unnecessary stress.

So, how often do landlords work? Well, per unit, the average landlord works about 4 hours per month on each unit, meaning 16 hours for a 4-unit property.

However, these numbers change dramatically based on a variety of factors. For example, they may work more depending on how old their building is, how picky their tenants are, how difficult it is to fill vacancies in the area, and even the climate of their area.

If they choose to hire individual services like snow plowing, tenant acquisition, repairs, and everything else, this will cost them a small fortune. Consequently, this is why so many landlords choose to do it all themselves, often leading to longer work hours.

Although, there are affordable ways to take these responsibilities off your back, which means you can earn passive income well into retirement! Here's how.

How to Become a Hands-Free Landlord

Without a doubt, the easiest way to become a hands-free landlord is to invest in property management for your rental properties. Believe it or not, property management companies can handle all of your responsibilities as a landlord for only a small percentage of your rental income.

Essentially, if your rental income is profitable, you'll only spend a small fraction to earn entirely passive income. This means you can travel, live, or work wherever and whenever you want while still earning money from the property.

Even if your property isn't profitable, a property manager can help you set the right rental prices, find the right tenants, and get you the best services for your property, which could help you generate a profit.

It's important to note that you will still have control over your property when you need it, but you won't have any more 3 am phone calls about a broken faucet or long waits to fill vacancies. An experienced property manager can take care of everything as efficiently as possible and keep you updated about any important issues with your building.

Sit Back and Enjoy

Now that you know how landlords can become entirely hands-free, there's no reason to wait. If you have a rental property and you want to take the weight off your shoulders while continuing to earn income! Stay up to date with our latest real estate investing news and feel free to contact us with any questions!

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