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The Housing Hero Newsletter By Steve Welty

Why Are You Renting Your Property?

Published 11 months ago • 3 min read

Steve Welty

Issue# 7

July 2024

Why are you renting your property?

Some have reasons like:

Market Conditions: “I don’t think it’s a good time to sell.”
​
Future Plans: “I might want to live there down the road.”
​
Experimentation: “I want to try it out and see if it makes sense.”

Some have a Purpose

Legacy: “I want to leave my kids something meaningful.”
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Passive Income: “I want to own assets that don’t require my brain.”
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Community Contribution: “I want to build equity and cash flow and provide housing for people.”

Purpose vs. Reason

Having a reason is good, but a strong "why" can carry you through tough times. As Nietzsche said,

"He who has a why to live for can bear almost any how."

The problem is most Housing Providers burn out and sell. This is easy to do as owning rental property can be hard without the right mindset and team.

Real Estate Investing is a Long-Term Game

Things I Know For Sure:

  • Loan Payoff: Your 30-year loan will pay off in 30 years.
  • Regret of Selling: People often regret selling their homes in high-demand areas.
  • Asset Building: The wealthiest individuals build assets.

A Gift from a Wealthy Investor

A seasoned investor once told me,

“Never sell a home you live in. Turn it into a rental when you move out, rinse and repeat.”

Overcoming Burnout

This approach provides a simple way to wealth creation (simple not easy):

  • 2-3 Rental Houses After 15-30 Years: One paid off or close to it, generating cash flow and paying off the other two houses.
  • Building Equity and Saving on Taxes: Your homes are appreciating, hedging against inflation, and reducing your tax liability each year.
  • New Primary Residence: You have a new home to live in.

Understanding your purpose for renting out your property can sustain your commitment and drive long-term success. Whether it’s building a legacy, generating passive income, or contributing to the community, a strong purpose can help you make the most of your investment.

One life. Dream big.

Last week, I proposed a non-partisan housing scorecard to track how our representatives vote on housing-related issues. The idea was put to a vote and received an impressive 86.3% approval. My team and I will be working on the scorecard and will bring it to you in the next few weeks.

Check out more goodies below 👇

Which is Better: Open House or Self-Showing? Watch the video below to find out!

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That's it for this week! We hope you enjoyed the content and found it useful. Be sure to check your inbox next Saturday at 6 AM for our next update. Have a fantastic week!

P.S. Please share this ​newsletter​ with a friend, so they can join the conversation.

Steve Welty

CEO @ Good Life Property Management

DRE #01744610

5252 Balboa Ave #704, San Diego, California 92117
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The Housing Hero Newsletter By Steve Welty

Passionate about bringing positivity and fresh perspectives to the rental property industry CEO @ Good Life Property Management San Diego and Orange County. Managing over 1,300 units in San Diego and Orange County.

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