A few things you should know
There are great rewards in becoming a Landlord as over time you can build enormous equity. Some people call it their ‘retirement fund’ or their ‘nest egg’. There are many other positives that are overlooked as the “landlord learning curve” can enhance so many other areas of life. Two major areas that jump out.
1. Becoming handy around building structures
2. Learning to deal with other people
Here are some areas to watch out for!
Avoiding the “tenant from hell”
Pacific Heights (remember the movie?). Avoiding the “tenant from hell” should be near foolproof by having the prospective tenant fill out an application and include a credit bureau. Definitely follow up on references. A Realtor can provide copies of rental applications and should be able to read and understand a credit bureau report in minutes.
Variable working hours
The daily life of a landlord is much more impromptu than structured. Ten days you may have one hour of work to do while the eleventh day you may have ten hours of work.
Wearing many hats
Okay what are you? A repairman? A debt collector? A Supervisor? You must be able to adapt to these different roles to have a successful career as a landlord.
The Rental Tenancy Act (RTA)
Many people believe; I’ll buy a property, rent it out and make some easy money; if it were that easy then everyone would do it. There are many rules you must abide by when you become a landlord. You must know the Act, understand minimum safety codes and abide by health standards.
In the end most landlords are happy and proud of what they’ve accomplished. Do you have what it takes? I trust these have been insightful; however feel free to contact me for a more in depth conversation.