Have you dreamt of becoming a real estate mogul? There are many benefits to owning rental properties according to The Real Deal in Real Estate Pros.
- Tax deductions. If you receive rental income, you may be able to deduct mortgage interest, property tax, and home repairs on tax returns.
- Supplemental income. Imagine having an extra $1200 in your account each month. This income can offset other expenses of owning more property, and help you pay off your mortgage.
- Low risk investment. The stock market is volatile. Investing in property is more stable. There will always be a need for housing and eager renters.
- Allows you to hold onto property you don't want to sell. If you're upgrading from your starter home to a larger home, but think you may eventually want to move back to something smaller, renting out the first place is a great option. You can make the adjustments you want between renters, and move back in when the time's right.
- Property value increases over time. This allows you to make a greater profit the longer you rent out the home.
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