If you are interested in making money on your investment properties without renting it out, then you’re in luck, because there is a rather popular option that will give you a hefty income, and extra time to spend with your friends and family.
Flipping Houses is Better Than Collecting a Rent Check.
This is definitely true for most property investors, that is unless, you are in the commercial real estate business. However, commercial real estate is a whole new ballgame and definitely a topic for another time.
Flipping a rental property you own can provide you much quicker cash flow in the short-term and give you the flexibility to work on other house flipping projects. Instead of waiting decades to break even on a home you bought, why not just sell it outright for a profit? If you spend the time making major repairs to your investment property, chances are you will sell it for a lot more than you originally bought it for. Unfortunately, when most people invest in a rental property, they only think “residual income” and they don’t think about “loss of income”. Most rental property owners will tell you after being in the business a few years that it often comes with more headaches than it’s worth. So, if you really want to make some real money, we suggest you start flipping houses versus collecting that monthly rent check from your tenants every month.
More importantly, when you start flipping houses, you will experience a lot more creative freedom than you ever had in the past. After all, you can choose how your new property will look, how it will feel inside, and you will be able to make a fair amount of cash in the process. What’s not to love about this job?
Flipping Your Property Means No More BabySitting Tenants!
This is the next best thing compared to sliced bread, right? How many of you property managers out there would love to not have to worry about babysitting tenants and getting calls in the middle of the night about a broken water heater, furnace, etc….? I bet all of you, right? Then, why not fix and flip your rental properties instead? Learning to invest in real estate and mastering the hard money loan process can help you get away from your current life as a property manager who is probably wasting countless hours on needless fixes and costly repairs, and into a life that you enjoy.
Besides eliminating extra costs from your previous rental properties, you will probably eliminate many of your daily headaches and stressors. Think about it, if you own several rental properties, then you probably have at least one tenant that you always find complaining about this or that, or wanting some type of new home appliance that they claim doesn’t work right. Finding a better way to make money is never a bad thing and becoming a property investor can definitely let you remain in control when you’re in the driver seat because you will no longer have to worry about these types of problems.
Renting Properties Can Cost You Money in The Long Term
Warning! After reading this section of our article, we might turn you into a full flege believer that renting can cost you more money than it’s actually worth. Oh, and we’re very serious. Keep reading.
Have you ever really added up the true costs of your rental properties? How much money have you wasted on painting your properties, fixing the plumbing, or the heating? What about the money you probably lost due to tenants leaving without paying the last one or two months worth of rent? We are sorry to tell you, but these things add up, and they add up fast.
Unfortunately, almost every landlord or property owner has to go through these growing pains, but it’s not too late to get out of the rut.
Think about this for a moment. If you owned only one property and charged $600 a month for rent and an $800 dollar water heater broke during the first month you rented your property, then how much money did you make? The answer is none, because you would be starting off in the negative. Imagine if you owned 4 properties and the same water heater broke in two of those properties and the furnace went out in another one? See the point we’re trying to make here. Renting your property can be an expensive business venture and we want show you that flipping houses can provide you more financial security and free time than this stone age technique.