Did you know that Tennessee is one of the top 5 states in the nation for cost of living? The average home price is still in the mid-$300K range, and everyday products are still affordable.
Most people understand that real estate is an excellent investment. However, they are concerned about rising home prices and interest rates. Many buyers are being squeezed out of the market altogether.
There is still opportunity if you are looking in the right states like Tennessee. Memphis, in particular, is an attractive area for landlords and property managers.
Read on to learn how property managers can gain financial freedom by investing in Memphis real estate. Explore how rental income can change your life in a positive way.
Why Is Real Estate Investing Worthwhile?
Investing in real estate is one of the most effective ways to build wealth. Here, you acquire property and then earn rental income on a recurring basis.
Earning rental income is a popular way of bringing in revenue. It is referred to as passive income because you are not working on an hourly basis to earn it. By acquiring multiple properties, you can have multiple revenue streams.
The rental income you bring in can help pay down any loans on the properties. At the same time, you are building up equity in these properties.
Buying with cash is even better than taking out real estate loans. This is because you are not wasting any money to cover financing expenses. Instead, you can directly capitalize off the home’s appreciation and rising property values.
What Are You Responsible for as a Property Manager?
Landlords do have a lot of responsibilities to consider. You are legally responsible to provide safe, sanitary, and functional accommodations.
When an appliance breaks in the home, you have to get it fixed. Whether this means hiring a contractor or fixing it yourself, the repair needs to happen expeditiously.
You are also responsible for collecting rent payments from your tenants. There are millions of tenants behind on payments nationwide, so this task is not as easy as it seems. The workload becomes overwhelming for owners with multiple properties.
The good news is that you can hire a property management company to help. They will handle everything from home maintenance to revenue collection.
What Does Financial Freedom Look Like?
Financial freedom means ditching the traditional 9 to 5 grind. It also means earning enough money to live comfortably.
As a property owner, you can pull multiple revenue streams to help you earn a significant income. There is also the potential to retire early. By bringing in a property management company, you can convert the investment into a passive income operation.
How Are Property Managers in Memphis Gaining Financial Freedom?
Savvy real estate investors are taking advantage of the desirable Memphis location. They recognize that the city is growing and housing is in demand. Prospective tenants are seeking out housing and can provide multiple revenue streams for your bank account.
If you want to learn more about property managers in the Memphis area, contact us today to speak with a professional.