This post contains affiliate links, which means I may earn a small commission at no cost to you if you make a purchase through my link. Information provided for educational purposes only. Please consult experts and professionals before taking action on the below.
Consider sponsoring this post to help us share this knowledge with others!
One career that allows you to step back and spend time with your family is that of a landlord. While it certainly isn’t a hands-off role, working with tenants to create living spaces they love and maintaining great pieces of property can be a deeply rewarding job if you’re tired of staying in an office. Here are some tips on how to transition into a full-time job as a landlord:
Seek a Great Mentor
Careers where you earn a passive income are few and far between; achieving success in these limited career options is even harder. While sitting back and simply owning the property seems easy enough, there’s far more to picking the right properties and managing them well than simply collecting the rent checks.
Mentors are one of the most valuable tools available to up-and-coming landlords. Finding someone who knows the ropes and can help point you in the direction of great properties while teaching you about documentation and tenant relations.
Start With a Solid Savings
As the saying goes, “You have to spend money to make money.” This phrase hold trues—especially for people making the transition into a full-time job as a landlord. Landlords need to be able to buy the property, but also play a role in home maintenance, pay for legal documents, and afford renovations.
Having a financial cushion before you leave your day job is a wise move. The financial goal you set in order to become a landlord will depend on the types of properties you’re looking to rent out and the necessary legal work of your region.
Work With Dream Properties
Part of what makes becoming a landlord so interesting is the opportunity to explore properties, locations, or even other countries. The properties you love and the tenants you’re looking for might not be your friends and neighbors, so broadening your scope to discover your dream properties is essential.
Many countries abroad have created pathways for land ownership by foreigners. In the Caribbean, for example, properties for sale in Barbados are a great option for landlords looking to manage resort and vacation rentals. Taking your family overseas to spend your own workcations on the beach while you manage your houses and villas is a welcome change of scenery for those bored of the cubicle life.
If you have a passion for people and property, becoming a landlord can enrich your life in many ways while also providing you and your family with a new passive income.