Do You Want To Be A Landlord?
Investing in rental is my favorite thing to do. If you do it right, it will benefit tremendously. If you are thinking about rental property, the one BIG question to ask yourself is “AM I READY TO BE A LANDLORD?” Do I have what it takes to be one? What does it take to be a Landlord?
Here are some of the traits of a landlord.
1. Being a landlord means you are in business. Being in business, it is all about the numbers. You are not emotionally tied to the property. You look at the bottom line. You want to buy the property as low as possible and rent it out yesterday. Don’t fret when you have to spend money to fix AC/ water heater or whatever that the landlord is responsible for.
2. Being in business means you need capital. Do you have money set a side for your rental fixes or when it is vacant? You might also need money to turn the property around for the next rental when your tenant moves out. You need to have a reserve saved up for repairs. This will make or break your investment.
3. Do you have what it takes to be a landlord? What will you tell your tenant when they say they can’t make rent this month because some emergency came up? Will you impose a late fee and fine? If you cannot handle this, I highly recommend you to hire a property management company.
4. Are you handy? This can save you some money if there are some minor work to be done at the property. If you are not, then you will need someone who is reliable that you can trust to do the work correctly and not a duck-tape job. Get a list of vendors together, people who you will call do to work in your own home.
This is a business and not personal. Having the right attitude will help you make it or break in your investment.