As mompreneurs, we face more pressure than most to perfect the elusive work-life balance. Unfortunately for many of us, even good intentions to perfect this juggling act can see us dropping balls in one or more areas for things like busy work periods or childhood sickness.
And when that happens, there’s always someone smugly standing by, waiting to tell us that they knew we couldn’t have it all.
In reality, though, fantastic boss moms like Yolanda Beck, Khadeen Ellis, and Fatima Dedrickson disprove that theory every day, as discussed in this article at colorvisioncreates.com. And, the right working solution could see you joining them.
Part-Time Landlord Hacks That Could Land You A Full-Time Income
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Part-time enterprises that allow moms to earn a full-time salary are becoming an especially pivotal part of moving into that female-led future, and putting the theory ‘work smart, not hard,’ into literal focus.
Options like blogging, consulting, and even commercial properties have brought this seemingly impossible goal within reach over recent years, with the latter option particularly allowing women to earn while juggling motherhood if they have the privilege of buying property in the first place.
The question is, with landlord responsibilities often overwhelming, how can you stick with part-time landlord hours that provide real earning power?
Come up with a plan
As with any business, ensuring a lucrative landlord enterprise means doing your research and developing a business plan way before you invest.
You’re going to want to understand fluctuating house prices, lucrative areas, and also any further costs (e.g. repairs, advertising, tenant checks, etc.)
That way, you can start with a budget that’s fit for purpose, and hopefully an investment in an area that’s guaranteed to see you earning big for far less effort than you would otherwise.
Ensure a return on your investment (ROI)
You also need to take active steps to ensure a fast return on this investment. To some extent, the right location can help here, but remember that you’ll pay above the odds to secure a spot like this in the first place.
As such, ROI means making sure that your offering itself is worth the most it can be by considering things like professional renovation, tenant finishing as offered by https://jrcousa.com/tenant-finish/, and simply taking the time to screen reliable tenants.
Even if you spend a little on these processes upfront, you can bet that money will come back to you in no time.
Outsource the finer details
Landlords attempting to manage multiple properties can often find themselves working full-time to keep up with maintenance alone. Ensuring part-time hours also relies on outsourcing these finer details to companies who can manage them for you.
Admittedly, this does cost a small percentage of your monthly income, but if your ROI calculations are correct (and account for this,) you can still enjoy full-time earnings, with none of the work that you’d face. Because your management team takes over everything from property checks through to maintenance issues, and even advertising between tenancies. All of which frees up no-compromise time for you to finally spend with your family.
Do you know any other part-time landlord hacks that can land you a full-time income? Share in the comments below.