Page 98 - AAGLA-APR 2022

Member Update
A Landlord’s Perspective: “Why Own
WRental Property?” By Dr. Tiffanie Tate-Moore
hy not own property? The reality is that God is not building any more land, at least not that I know of. The more you can own, the better off you will be. Passing on generational wealth is something that most people
do not often think about, but we should. While the reality that property values will increase and decrease, the income stream generated from rent should help offset the financial burden of the expense of any property owned. I think it is important when purchasing property to not be overzealous and purchase a property that you cannot afford to make the payment on if it is vacant. This is where a good understanding of your own financial situation comes into play.
I currently own a property that has been rented out for approximately twelve years. There were a few months when it was vacant when I was not thrilled because of the loss of income, but I was able to anticipate the loss and plan for it. No, it did not make it easy, but it did make it less painful. Knowing that the rental agreement was ending did not lessen the disheartenment, but the optimism that it was temporary helped me persevere. I know right now because of COVID
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some people are struggling to make ends meet and we have sometimes had to go without rental income. I believe that this is a phase and hopefully things are now improving.
Were there ever moments in which I considered selling my rental property? Absolutely, but at this time, I am glad that I did not. The equity that it has accumulated is better that what I would have made had I sold it when I had considered selling it in the past. If I sell at this time, I will do so and purchase another property to rent out. I have two children and it is important for me to try to gift each one of my children a home for them to either sell, live in, or use as a streamline for rental income for themselves. Coming from humble beginnings myself it is important for me to try to give my children more than what I had. Only you know what is important for you and your family.
My life has been very challenging over the years. Statistically speaking I should not be where I am today. Both of my parents struggled with drug and alcohol abuse, which is why my mother’s sister raised me. Growing up in Compton, California, I had to overcome many obstacles to achieve my dream to become a physician, which made it that much more devastating to suffer the loss of my profession due to medical issues. But God does not waste anything, and He