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So you want to know how to become a landlord? Did you know that you can become a landlord for less than $10,000? It’s a myth that you need a large investment to get started in real estate.
Becoming a landlord is a great way to create passive income and long-term security. The value of your property will appreciate over time, and most expenses are tax-deductible.
Curious about Salt Lake City? Salt Lake City is a popular and diverse, city with a high quality of life. Real estate is popular because the home price is increasing significantly, making it a perfect time to invest.
If you want to know how to become a landlord with little money, let’s take a look at some of the ways you can make this a reality.
Foreclosed Properties
A foreclosed property is a property when the owner has defaulted on the payments, causing the home to become bank-owned.
Foreclosed properties often sell for a low price, and it’s possible to get them with low to no deposit. Want to know how to find foreclosures? Contact us to find out more about Salt Lake City properties.
100% Mortgages
Getting a mortgage used to be more difficult and requires a higher down payment than it does today.
A 100% mortgage is a mortgage with no down payment. This means you can invest in the property and become a landlord straight away without needing to save any money.
Assumable Mortgage
Another mortgage type is an assumable mortgage — this is a financing arrangement where an existing mortgage is transferred from the current owner to the new buyer.
The benefit of this is that new buyers get better interest rates, as an existing mortgage will typically have better rates compared to a new mortgage.
Seller Financing
In seller financing, a buyer and seller make an agreement on the amount of money that needs to be repaid monthly. As a buyer, this means that you may not need any upfront cash, and you don’t need to have good credit.
Renting Your Own Property
If you want to know the quickest way how to become a landlord, renting out a property you already own is the ideal solution. Preparing and marketing your home can be a straightforward process with the right support.
Salt Lake City: How to Become a Landlord
Becoming a landlord is a great way to create passive income and long-term security. The value of your property will appreciate over time, and most expenses are tax-deductible.
We hope this article helped you understand how to become a landlord and some of the options that are available. So how much money do you need to start owning rental properties? The answer is not as much as you may think!
Contact us to learn more about investing in your first property and becoming a landlord.
