Change is such a necessary part of our lives. It allows room for growth, and we gain knowledge and perspective along the way. And regardless of your current life-stage, there is never a bad time to allow the opportunity for the shift. As we’ve mentioned before, there’s a specific plan, floating around in the back of your mind, for where you want your life to be once you’ve hit a certain age range. It’s completely realistic to plot and dream! And, even though the future is open-ended and mysterious, you hold the ability to take control of where your personal path will end! Start making decisions now that will open the opportunity for those personal goals.
Since 2011, Joplin has put a positive spin on the tragic card dealt, and is consistently transforming; expanding and growing with the goal of making our little pocket within the state better than it’s ever been! With the new medical school soundly in place, an increase in a younger population has set in. And what do young adults appreciate most? Flexibility!
In the real estate market, what is the best fit for said desire? Why, renting, of course!
Millennials are keeping their housing options open, staying within the rental market through their 20s and mid-30s. Even the number of renters in the baby boomer generation has increased in the past decade. There are countless benefits to owning rental properties! So, utilize a real estate agent, and take advantage of local trends! An agent can help you assess the value of a property, choose the right location, and understand the market conditions. Because, trust us, there are countless benefits to investing in, and owning, rental properties!
First of all, who doesn’t love having a passive income? When you can have a repeat salary that requires a very small amount of effort to maintain, it just makes life a little easier, right? That extra money on the side can allow you the opportunity to save for the later years in life, when all you want to do is sit on a beach, with a good book in one hand and a Mai Tai in the other. It can also provide financial security during retirement. Rather than selling once you hit the retirement phase, you can keep your rentals, sit on the beach, and still make money!
Money perks aside, let’s say... Maybe you have to relocate for work, or you inherit your grandmother’s home, and you can’t stand the thought of selling... A vacant home is extremely susceptible to vandalism, squatters, and maintenance issues that can easily escalate if gone unnoticed. Having a tenant gives you reassurance that the home is being watched after. And if you ever have to move back to the area, and your lease agreement allows it, you have a house available to accomodate the transition.
If nothing else seems to pull your desire, investing in real estate also helps to diversify your portfolio. Having money invested in the stock market is risky! If the market takes a negative turn, that’s it. You’ve lost your money, and you have no options. Investing in rental properties allows you some wiggle room. If a tenant doesn’t work out, you have the option to remove them from your property. Option! If you move and need to sell, but the real estate market isn’t favorable for sellers, get a renter in there! Option! If you decide to dip your toe in the rental investment pool, and it turns out that you’re not a fan of owning properties, you can sell! Options everwhere!
If you're on the fence about investing because you don't want to put in the work yourself, hire a property manager to do the heavy lifting for you! As we mentioned in a previous post (Life Is What You Make It), there are just as many benefits to hiring a property manager as there are to owning rental properties. Whether it be picking the right house, purchasing, or management, stop in and ask us how we can help you throughout the entire process!
Be proactive when it comes to your life goals and plans, and allow the opportunity for change to flow through! It's not often that adventures fall into your lap, and new life paths are only carved when you choose to venture into the unknown. Don't stumble into change, blindly. Let us help you take control today!