Being a landlord can be a rewarding as well as a scary experience. There are many benefits to renting out your property, and there are just as many pitfalls to avoid. Simply put, it is not something that you want to run into headlong.
You have much to think about to prepare for your life as a landlord. While you will learn much from your own experience, it is always better to know as much as possible beforehand and learn from others’ mistakes.
Keep your eyes open to unique revenue opportunities for your property
One of the most important things to remember about being a landlord is think outside the box. While renting property to a tenant is the primary goal of a landlord, you have other ways to capitalize off of your property.
If you have extra space on your property, then you could consider letting a contractor put a billboard or even a cell phone tower on your property. You could install solar panels on your property. As your solar panels draw in solar energy, they store this energy like electricity silos. You can actually sell any unused electricity back to the grid for a profit.
Also, you could use your extra land to take advantage of the growing health-consciousness in the food industry. Restaurants are starting to adopt the farm-to-fork model to deliver their customers the freshest and best fruits, veggies, and herbs. Your extra property could be a gold mine if your garden becomes a well of freshness for local restaurants.
The key is to diversify your streams of income. That is a practice that is applicable to all business interests but is rarely utilized by landlords. You owe it to yourself to monetize your investment property in every way possible.