The story of rags to riches is an appealing one, as it’s the American Dream in action. You’d be surprised how many legends started with nothing but empty pockets and dreams. Folks like Oprah Winfrey, Howard Schultz, and even Ralph Lauren.
Many of the ultra-wealthy cut their teeth in real estate. That’s easier said than done, of course, since it requires significant upfront investment. If people knew how to become a landlord with no money, they’d have done it already!
Believe it or not, though, you can become a landlord on your bottom dollar. You just have to play your cards right.
Let’s take a look at a couple of simple methods for becoming a landlord without two pennies to rub together.
How to Become a Landlord with No Money: Rent-to-Own
The first solution to becoming a landlord might be staring you in the face: your rented apartment or home. Many types of landlords offer a rent-to-own leasing option to you. Your rent contributes to paying off the property, and they transfer ownership to you in return.
This allows you to become a landlord by simply increasing your rent, rather than shelling out thousands of dollars. Once you finally purchase the property, you can move out, lease another to live in, and then rent out your old one. This way, you snowball your investment over time and kick off your journey into real estate investment.
Rent Out a Portion of Your Home
Suppose, for example, you already own a home. In that case, there is a very common solution right there that you never considered: renting out a room. Plenty of people do it, and housing is so scarce that you won’t struggle to find occupants.
This requires no change in your finances whatsoever, save maintaining the room you rent out. It will require some adjustment, sure, as you will have a stranger living in your home. But it’s guaranteed money every month that can contribute to an investment strategy.
Become an Accidental Landlord
Not all landlord tips to obtain property have to do with that “go get ’em” entrepreneurial mindset. Becoming an accidental landlord is also within the realm of possibility.
Accidental landlords are those who inherit a property, can’t sell a home, or leave a property to move in with a partner. These are circumstantial situations, not ones that happen according to plan. Regardless, this could easily be your pathway to becoming a landlord.
You never know when a property could fall into your hands without prior warning. It’s a lot more common than you may realize. If it does happen, take the opportunity to capitalize on the windfall.
Work With Outland Real Estate
Not sure how to become a landlord with no money? You’d be surprised how many solutions are right there, just waiting for you to take them. Options like renting to own, leasing out a portion of your property, or getting lucky as an accidental landlord.
Outland Real Estate is in the business of building strong landlord qualities in people like yourself. Want to work with us? Use our contact form and we will get back to you ASAP.