If you’ve been dialed into the buzz about the “hot real estate market” lately, you might be considering rental property ownership. There are going to be plenty of advantages and disadvantages to consider, of course. Rental property investing is a journey you’ll definitely need to prepare carefully for before starting. But if you’ve been eyeing a property in Elizabethtown and are serious about getting started, here are a few more benefits of owning rental property to consider.
A Great Passive Income Resource
You can keep your day job if you want and rely on some passive income with an Elizabethtown rental property. One property will be easier to manage than an entire portfolio. But you’ll still have maintenance, tenant-facing communication, rent collection, and applicant pre-screening duties to handle. With the right approach and solid strategy, you can enjoy a passive income stream to help secure your financial future.
It’s an Investment You Can Control
Another great benefit of owning rental property in Elizabethtown is having an investment you can somewhat control. Unlike rolling the dice with the stock market or taking a gamble on investment funds, owning a rental property will allow you to own, manage, and oversee your investment directly. You can decide when to make improvements and increase returns. You may not have control over the housing market, but you can control how you react to it.
Renting Continues to Be Popular
Homeownership isn’t for everyone. And for many younger Americans who are looking for flexibility before committing, renting is the best choice. Millennials are staying in the rental markets well into their 20s and 30s because they want that flexibility. Many who are approaching retirement age are also looking for ways to downsize from the family home and enjoy a property they don’t have to maintain. Because rental communities continue to be popular, owning a rental property continues to be a sound investment strategy.
Incredible Tax Advantages
Owning an Elizabethtown rental property means you’ll also be able to take advantage of incredible tax deductions. You can deduct mortgage interest, depreciation, and insurance on the property. And any repairs to your dwelling can also be deducted, helping to offset the out-of-pocket costs.
Living in a Rental Property Has Benefits, Too
Some decide that owning multi-family rental properties is the best route because they can also live in the property directly. There are pros and cons to residing on-site, of course. But there can be lending opportunities and perks for those who decide to live in their properties. And as your tenants pay their monthly rent, you can cover the mortgage, essentially not paying anything out of pocket yourself. Talk to your lender about the options available for these types of ownership opportunities to see if it’s a good fit for you.
Elizabethtown Has Plenty to Offer
In “E Town,” there is plenty to do, and tons of amenities residents love. The attractions list is substantial, making it a great place to visit. But Elizabethtown continues to blossom and grow with a growing population of residents who want the E-Town experience in their own backyards. There are plenty of outdoor recreational areas, museums, and entertainment hotspots to explore. Downtown Elizabethtown is full of charm, as well as restaurants, nightlife, and shopping, too.
Rental Property Management Partners Make It Easy
Another perk of owning rental property in Elizabethtown is that you don’t have to go it alone. Working with a rental property management partner like PMI Louisville can take all the burdens and headaches of property operations off your to-do list. Our teams can handle tenant pre-screening, collecting rent, scheduling contractors for repairs, and marketing vacancies. Working with the right professionals will allow for a completely hands-off approach to property investment.
If these benefits have helped convince you to explore rental property ownership in E-Town, let PMI Louisville help you get started. Contact us for ideas and strategies to ensure you begin your journey in the right direction and for investment success.