So, you’ve taken the plunge into the world of real estate investing and land-lording hoping to reach that dream of financial independence. The payoff for countless hours of vetting properties, calculating your cap rate in a nifty spreadsheet, learning some new carpentry skills, etc. is treating this like a business. Your inner entrepreneur has been harnessed, so the hardest part is definitely over. The way to avoid being upside down, and ultimately out, hinges on how savvy you are.
The conventional landlord is all about generating that passive income by renting. What’s crazy is that this one revenue stream has a dozen threats that require sound financial management to be warded off. Having to deal with damages from bad tenants, vacancy, evictions that are a waste of time and money, property taxes that can explode at any time, unexpected repairs, a down market forcing a decrease in rent, unforeseen repairs, etc. can quickly put this dream in danger. The last thing you want is to watch your overages and cash reserves evaporate trying to stay afloat.
This market is always up or down, but it’s always competitive. In going back to your nifty spreadsheet, you’ve probably allotted 8.33% for a month’s worth of vacancy. Considering all the other risks, it’s time to add some layers to the traditional method of renting. That’s where SpareSpace comes in.
SpareSpace offers a wide array of property types ranging from commercial to creative to even residential. Not only are our users booking a functional space, they are creating an experience. By featuring your property on GoSpareSpace.com, you tap into a vast network of individuals looking for short-term rentals. As a business savvy landlord, leveraging SpareSpace gives you another source of profit as you reach that dream of financial independence.