Homes prices have fallen 7.5 percent, leaving more homeowners wanting to sell underwater. If prices stabilize this year, millions of underwater borrowers face a long wait before they can sell their homes without having to write a big check to their lender...
Economists at Goldman Sachs recently forecast that house prices won’t recover their ’06 peak until 2023. (Not a typo!)
Homeowners can’t wait that long.
What homeowners can do is rent.
Renting out a home to tenants can be a big decision. It's a great way to add money to your family's income while helping people who are looking for a place to live.
If handled correctly, renting out a home or homes can turn out to be a new career direction. It does take some time and patience, though. But once you've made the leap, becoming a landlord can be an incredible opportunity.
The benefits of being a landlord include:
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Tax breaks and an added income.
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It's a great way to supplement your income with little to no physical labor.
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As long as you have trusted tenants that are living in the home and pay their rent on time, there really is only a small risk.
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Being a landlord can even be recession-proof as long as you have the home in a desirable neighborhood.
You can write off some of your maintenance expenses as business expenses and there are even some instances when depreciation value can be included in your 1031 tax exchange.
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