Tenant Landlord Law
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The Benefits and Risks of Being A Landlord
Reality Check √
Landlord and Tenant Law
PA303
Unit 1 – Written Assignment
February 7, 2012
What Are The Rewards of Becoming A Landlord? Owning rental property offers many financial and lifestyle benefits. The number one reward and benefit of being a landlord and having rental property is you own the property. As long as you are not breaking the law in the process, it is yours to live in, enjoy, freely and rent to whomever you chose as long as you follow the law and do it legally.
Many have amassed a fortune in property rental. Even in this economy, if you hold onto your property long enough, it will almost always appreciate in value. It can be a guaranteed way to increase your net worth, through increased property value.
Well managed investment/rental property can be a great source of income, with tenants who pay on time. If the monthly expenses are less than the rent, it can bring the landlord a reliable source of income to enjoy many pleasures in life.
With today’s economy and work place uncertainty, if you're laid off from your job or if your health is unstable or failing, your rental property can become your salary or your primary source of income. Being a landlord and owning an investment/rental property can give you income making option that can serve as a buffer or cushion in the event you lose your job or have to stop working because of an illness or your health.
Unlike most investments, real estate/rental property is considered to be a relatively low risk investment. A landlord can almost always expect to see a return on their investment. The stock market can deteriorate, disappear or crash leaving you penny-less. However the land and property are typically permanent or forever and won't disappear and consequently, will always have some form of value.
Owning a small piece of property and maintaining a good credit rating will allow a landlord/property
The Benefits and Risks of Being A Landlord
Reality Check √
Landlord and Tenant Law
PA303
Unit 1 – Written Assignment
February 7, 2012
What Are The Rewards of Becoming A Landlord? Owning rental property offers many financial and lifestyle benefits. The number one reward and benefit of being a landlord and having rental property is you own the property. As long as you are not breaking the law in the process, it is yours to live in, enjoy, freely and rent to whomever you chose as long as you follow the law and do it legally.
Many have amassed a fortune in property rental. Even in this economy, if you hold onto your property long enough, it will almost always appreciate in value. It can be a guaranteed way to increase your net worth, through increased property value.
Well managed investment/rental property can be a great source of income, with tenants who pay on time. If the monthly expenses are less than the rent, it can bring the landlord a reliable source of income to enjoy many pleasures in life.
With today’s economy and work place uncertainty, if you're laid off from your job or if your health is unstable or failing, your rental property can become your salary or your primary source of income. Being a landlord and owning an investment/rental property can give you income making option that can serve as a buffer or cushion in the event you lose your job or have to stop working because of an illness or your health.
Unlike most investments, real estate/rental property is considered to be a relatively low risk investment. A landlord can almost always expect to see a return on their investment. The stock market can deteriorate, disappear or crash leaving you penny-less. However the land and property are typically permanent or forever and won't disappear and consequently, will always have some form of value.
Owning a small piece of property and maintaining a good credit rating will allow a landlord/property
References: http://www.mgichome.com/landlord/landlordtesttips_making_the_decision_1.html Fannie Mae, Becoming A Landlord Rewards, Risks, and Responsibilities (2008) http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2201&ChapterID=62 http://ago.mo.gov/publications/landlordtenant.htm http://www.nolo.com/legal-encyclopedia/landlord-pros-cons-29494-2.html http://www.lawhelp.org/program/3501/RTF1.cfm?pagename=Housing%20Discrimination