Being A Landlord - Advantages Of Being A Landlord

There are many advantages of being a landlord. But over and over people will tell you not to take the plunge. So if all the landlord “horror” stories are concerning you, then a long-term buy and hold strategy may not work. However, if you want to buy real estate and hold it long-term then you may want to try your hand at being a landlord.

Look at all the reasons why you fear being a landlord. It may be because you don’t want “a tenant calling you to fix a leaky toilet in the middle of the night.” I hear this one all the time, but I have been a landlord for almost 20 years and I have never once been called by a tenant in the middle of the night. That is not to say that it can’t happen. But there is some exaggeration involved.

There’s no doubt that tenants can be difficult, but as with anything else, you need to have a plan and execute on it. There are many advantages to being a landlord including, long-term equity appreciation and cash flow. But there are also many issues you need to master if you are going to be successful at being a landlord.

Tip #1 to being a landlord

Careful Tenant Screening. The important thing to remember is to make sure that you select the “right” tenant. That’s easier said than done, but there are certain ways to improve the screening process. Make sure that you do your homework on any potential tenants, but please be aware of the Fair Housing Act, which prohibits discrimination in the rental of housing based on color, national origin, race, religion, gender, disability or family status.

Tip #2 to being a landlord

Good Tenant Communication. Make sure that you touch base with your tenants periodically to check on how things are going. Now you may be hesitant as this may cause them to read off a laundry list of items that need to be repaired, but in the long-term the communication will work to your advantage.

Tip #3 to being a landlord

Know Your Expenses. Make sure that you have a good grasp on the costs of being a landlord. People usually know they have a mortgage payment, property taxes and insurance. But they often forget about maintenance and repairs, vacancies and bad debts.

If you still think you can’t do it, you can always hire a property manager. But my belief is that you will always do a better job than any property manager, you just need a little assistance. Being a landlord may not be as difficult as you may think.

Paul Sunndin is a 20 year real estate veteran and author of the eBook titled “Landlord Secrets: How to Manage Your Properties for Maximum Profit and Minimum Headaches”. This eBook provides landlord information and valuable landlord tips for both new and experience landlords. Discover the secrets to landlord success that will enable you to put your rental properties on autopilot by clicking here.

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