Both flipping and renting houses have good and bad sides to each. One creates cash flow while the other gives a profit payout one time. Here are some points to remember for each.
Pros of Flipping
There are a lot of Houses in Perry Georgia that need to be fixed and flipped. Flipping houses is an exciting way to invest. It creates a large network of like-minded people. It also makes good money if you do it right.
People who like creating a nice product from something old and beat up love to rehab and flip houses. It is a challenging venture that creates a lot of memories.
Cons of Flipping
Any flipper will tell you there are a LOT of hats you have to ear. Team lead, attorney, purchaser, salesman, and accountant are all jobs you will be forced to do. Those like-minded people I mentioned also have their own way of making money, sometimes at your expense. It can take a lot of “interviews” with trades people to find the ones you trust and are willing to work with.
Running numbers on a project that you already started is scary too. Finding the budget was busted last week with the new roof. Flipping houses in Perry is a little cheaper than many other areas but what houses do sell for catches a lot of flippers off guard too. Many take a loss for the first couple. Can you afford that?
Pros of Being a Landlord
Perry Georgia is a romantic little town and it is growing with a lot of rental opportunities. Property managing or land lording houses in Perry has a very good return. Rental income does not create the big checks that investors show on TV. This income is also less per month than other income streams.
SO, why is those points on the “Pro” side of being a landlord? Because you don’t have to get out of bed to earn this money… as much. You also don’t have to work as hard for the tax deductions. Rentals pay better over time. Being a landlord creates rent, tax deductions, net value as the rental appreciates and as the mortgage gets paid by the tenant.
You can even hire a property manager to take care of your rentals for you. Now you have more time for things you like to do and still have close to the same income.
Cons of Being a Landlord
Being a property manager in Perry Georgia does require a high level of people skills. If you misjudge a tenant you approved and they tear up the house, will you evict them? Can you be the bad guy and evict them if they don’t pay rent? Can you document the transgressions to show the judge?
Repairs also have to be done to rental properties on a regular basis. The house has to stay in good condition to be worth the rent you charge. A good landlord needs to have contractors ready if something happens. Not fixing repairs in a timely manner can cost more money later.
Renting houses and being a property manager does not require a lot of time, but it can require your time when you least expect it (Saturday night or Christmas day). Property management is more like time and people management.
The great part about rental management is you don’t have to be the manager. Professional landlords can take this part off your hands and let you just enjoy the mailbox money.
We are happy to help you weigh all of the factors to help you decide if you should flip houses in Perry or become a landlord. Double D Property Solutions will help you find the best properties for your investment needs. Just send us a message or give us a call at (478) 256-9947 today!