Friday, August 1, 2014

Rental Properties; Can You Get Rich Quick?

If you’re searching for a get rich quick scheme – rental property is not for you. If you’re looking for a smart investment that will continually increase your income over time – rental property is for you. 

How rental property makes money
A rental property makes money by collecting a monthly fee from tenants who live in the home. Therefore, the main goal is to keep tenants in the property. The monthly fee from rent minus the maintenance and debt payments is how a rental property makes money. 

Maximizing your investment
You can’t control when the water heater goes on the fritz. There will always be maintenance that will cost you time or money. By working with Provident Property Management you won’t have to spend any time, and not as much money on maintenance. You will also have the benefit of having a team dedicated to keeping your property rented, so you can always be making money. 

While rental properties won’t get you rich quick, if you keep your debt down and performing preventive maintenance you will consistently grow a portfolio of homes that make you money. Choosing to work with Provident will help you to keep costs down, that way you can create a consistent income and grow your net worth. 

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