5 Reasons You Should Start Managing Property

In a time when housing prices are incredibly high, many people are turning to short or long-term rentals for their housing needs. Not only are people looking at apartments, but condos and houses are also on the market for a large number of tenants.

While you might not have considered owning and managing property before, now is a great time to consider it. Even with a small population, Missoula and Montana are thriving with possible tenants, especially around the school semesters. Prices are pretty stable and it is a great investment opportunity for those looking to add passive income or make it their full time career.

If you’re looking at managing and renting property, check out the reasons and tips below.

Passive Income

The fact of the matter is, more and more people are working second jobs now than a decade ago. Whether or not that is a nod to people’s work ethic or a sign of tough economic times is for you to decide, but there are plenty of people who are looking for that extra bit of income.

Managing a property or properties can be your source of that second income and it doesn’t require a ton of hours each week. In fact, there may be some weeks where you don’t do anything but collect the rent check.

That isn’t to say there won’t be a lot of work. Looking for a house or property is not easy and there are usually plenty of renovations that come with it. If the property needs roofing repair or replacement, make sure that you hire a residential roofing contractor to achieve the best results.

But once all of the upfront work is put in, it’s much easier to be earning a bit of extra money each month.

Your Own Boss

When it comes to property management, all you need to do is look in the mirror to find out who the boss is. Who wouldn’t want to call their own shots and organize their own day?

While you may grow tired of working from home (if you don’t have an office), being your own boss is hard to top when looking at potential jobs. You’re the one to make the rules, set the hours and decide on who you do and do not want to work with.

It’s an advantage that many people may not ever have in their lifetime.

Tax Benefits

Everyone is always looking for a way to pay less taxes, right? Well owning real estate is one of those ways to capitalize on some tax benefits.

You can deduct interest, repairs and insurance premiums on your taxes, meaning you can save up more money for additional properties down the road (if that’s your goal). For instance, if you recently had condo roofing repairs, then you can deduct the money you spent on your taxes.

In addition, many landlords and property managers work from home, meaning just about everything you do that’s related to business can also be deducted.

It’s a Smart Investment

Plenty of tangible items gain value over their lifetime, like baseball cards. Plenty of baseball cards become more and more valuable as the years pass, highlighted by their rarity and quality.

Cars, on the other hand, begin to depreciate pretty much as soon as all four wheels are off the lot.

Property tends to be more like baseball cards, albeit for different reasons. Even if you’re not going to be in the property game for the long run, purchasing property is a fantastic investment. Yes, the market could fluctuate greatly and houses could drop in value but over the course of your ownership, you’re more than likely to see the property value grow.

Plus, it makes for a great investment or business start with other people. Convincing investors to join your startup is tough, but finding people to invest in property may be a bit easier. Of course, you’ll all have to fork over money for the initial payment but just like everything in life, there are special mortgages and loans for rental property.

You Meet A lot of People

One of the best parts about being a landlord is how many people you will be able to meet along the way. Not only will you be meeting with tenants, but other property owners, real estate agents, contractors, handymen and more.

You’ll always be on the move, establishing relationships and working with others. It’s not a job for someone who would rather act as an introvert. The job provides you a chance to meet and learn from plenty of different people in your area.