Being a Landlord is Not for the Faint of Heart
Being a landlord can be fun, exciting, scary and stressful all at the same time! Are you brave enough to be a landlord? We have talked about this before. Being a landlord can be very challenging and is not for the faint of heart.
First, you have to be skilled enough and in some cases lucky enough, to be in the right place at the right time in order to get a good deal on property.
Once you own a property, the real work starts. I think that anyone that owns rental property will agree that the act of being a landlord is by far the hardest part.
[ctt template=”5″ link=”eIU0f” via=”no” ]Owning your own rental properties can be the key to making a good deal of money[/ctt]
Being a landlord and owning your own rental properties can be the key to making a good deal of money which will give you financial freedom, if you do things the right way from the start, or at least are willing to learn from your mistakes along the way.
Every single landlord has a story to tell. Some of them wouldn’t change anything about their story and others wish they had never, ever even considered buying rental homes! Others wish they could go back and edit out some of the terrible mistakes that they made along the way.
The one thing they all had in common was that they wished they had known more about the business before they jumped in. If you are considering buying rental property, I hope you can learn from my mistakes instead of learning things the hard way.
The best advice that I can give you is:
- Screen your tenants carefully
- Don’t stick someone in your home just to get it rented
- Keep an eye on your property at all times
- Follow your own rules
- Don’t be afraid to lay down the law if needed
- Treat your tenants and their families with respect
- Treat your best tenants even better!
- Respond to maintenance issues quickly
- Have a fund for those surprise repairs that you don’t know about
- Have a fund for things you know about but maybe have to save for
[ctt template=”11″ link=”6105e” via=”no” ]Realize that when you have tenants, anything that can happen probably will.[/ctt]
Being a landlord can be a great adventure. Don’t let it become one that you regret taking. Realize that when you have tenants, anything that can happen probably will.