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Be a Lazy, Successful Landlord: Single Family Home Renting Might Be the Best, Easiest Income Property Strategy You’ll Get in Windsor-Essex
Regardless of the quick rising property appreciation in Windsor-Essex County, single-family homes as an investment strategy have done extremely well for many investor clients, even during the pandemic.
Broker Stephanie Saunders of The Vanguard Team at Manor Realty Ltd. says it all comes down to supply and demand.
“When a city adds 16,700 people in three short years, you’re going to have a supply problem where builders cannot build that quickly in a mid-size city.”
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“Think about that for a second,” said Saunders. “And think about all the property appreciation that gentleman is getting on an annual basis. The reason he’s able to do that is because owning and renting a single-family home is far less work than a duplex.”
Why?
Single-family home renters tend to see the home as their home.
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They willingly cut the grass, replace lightbulbs, and if something small breaks they are not calling the landlord, they are fixing it themselves. Saunders says as soon as you put that same tenant into a duplex, they no longer perceive that unit as their home.
In a nutshell, when the grass needs cutting that same tenant won’t cut the grass for the other tenant, they consider it the landlord’s responsibility.
“As soon as something breaks the tenant doesn’t perceive that unit as his home, it’s now the landlord’s responsibility. Now multiply that by 100 different things and that’s the difference.” The single-family home investment strategy is perfect for professionals who cannot afford to lose sleep over things like the other tenant playing their drums at all hours of the night.
They are also great for investors who simply want to add one unit to their portfolio at any time.
“If you only have $40,000 to put down on a rental property with a single-family home, you’ll tend to get easier financing so you can start your investment strategy,” said Saunders. “You also tend to get some of the nicest tenants you’re ever going to get, who will often stay longer because they view the property as their home. Why would they move from their home after one short year?”
For more Information on this investment strategy contact Stefanie Saunders of The Vanguard Team at Manor Realty Ltd.
Team Leader Rhys Wyn Trenhaile of The Vanguard Team at Manor Realty Ltd. says she is the only single-family home investment specialist we’re aware of in Windsor-Essex, with clients.”
“Some of her investors are individuals and others are syndicates of, or investment groups that invest in these single-family homes together. It’s a highly effective strategy which is highly recommended by us.”
If you want to pursue the lifestyle of a lazy landlord, click the link below for a free strategy call to get started with strong financing.