Becoming a landlord is one of the safest and most worthwhile long-term investments. However, as the average house price in the U.S. costs around $410,200, becoming one can be expensive.
Fortunately, you can start a career in this field without cash in your bank. It can be a struggle for many, but if you know secret landlord tips, you can become one with elbow grease.
You've come to the right place if you consider it a future or were accidentally dropped into the field. Below, you can uncover our in-depth guide on how to become a landlord with no money.
Explore Creative Financing Options to Be a Successful Landlord
Most accidental landlords put this at the top of their to-do list. There are often several repair costs when they possess a home and need it up to rental standards.
Seller financing and rent-to-own are two common options. However, partnering with an investor who can give the capital in exchange for a share is the most popular.
Studies show that over 36 million Americans have used financing options. It's not a surprise the majority use it for housing since this is one of the most significant costs for people.
Consider House Hacking
If you're doing your homework on becoming a landlord, chances are you have heard of house hacking. It's a simple yet effective way for newcomers. You will learn the ins and outs of the industry and evolve into a successful landlord.
The term involves living in a unit of a multi-family investment while renting out the others. If you buy a four-unit building, the other three will pay your mortgage, bills, and other expenses. The best part is that you get a place to call home.
Investigate Local Programs and Grants
If starting with little to no money, local programs and grants are the keys to landlord careers. Federal and state governments can issue financial backing to help kickstart your journey.
In Salt Lake City, UT, you can opt for HUD grants as they offer many benefits to landlords. This may include programs to improve the quality of rental housing. Or provide assistance to revitalize the neighborhood.
Depending on how you structure your rental ownership, you may also be eligible for small business grants offered by the city.
Start Real Estate Networking
You may be familiar with the phrase, "It's not what you know. It's who you know." This certainly applies to the realm of breaking into the real estate industry. So, connect with local real estate investors, landlords, and pros in Salt Lake City.
Attend real estate investment clubs, seminars, and networking events. In return, you will build relationships and learn about potential opportunities. Networking can also help you find mentors or partners to guide your journey.
You Know How to Become a Landlord With No Money
Real estate is one of the most sought-after markets. However, you might not have the financial backing to walk right in the door. You must work smarter and persevere.
After reading our guide, you know how to become a landlord with no money. You have the tools to work smarter. Now it's time for the hard work.
Ready to get started? Discover more with Wolf Nest Services, Utah's premium realtor!
