THE LANDLORD BUSINESS IS NOT ALWAYS EASY
Being a landlord is something, I have done it for so many years. I was lucky to buy a few homes years ago that I didn’t fix and flip. And I held onto them and rented them out. I wish I had kept more. But I don’t always wish I was a “Lord” But as a friend of mine used to refer to(lord).
Being a landlord and owning property is a blessing especially with the appreciation in values over the years. But when you get a bad tenant you always think about selling. This isn’t just me I’ve heard this from many property owners over the years that rent out their places. This is the first steps to becoming a landlord
1.Tip’s for future landlords. Always try and find the best tenants.
This tip may seem obvious but you can’t believe how many people get into the landlord business and I have met over the several years so many landlords that make this mistake. What I mean by that is we tend to take the least path of resistance sometimes and let a friend or family member rent out our places.
Sometimes we don’t want to spend the time researching the interested parties. Because the clock is ticking on the bills and putting a new tenant in the place fast helps keep the cost down. Family members and friends were maybe awesome but from my experience, it’s not always the case. But they were there and they wanted to rent it and heck their family, right? I hope it works.
2.THE BAD TENANTS CAN DESTROY PROPERTY AND NOT PAY RENT
Most tenants are good. So don’t get discouraged but things happen in their life’s and sometimes you just get a bad one. I’ve had awesome tenants lease from me but next thing you know it’s a married couple and they are getting a divorce. Sad it happens and they leave the house and the dog too. Just like that. My most recent tenant’s lease was up and there were 3 people on the lease.
And each had a dog. The dogs had done some major damage to the doors and shutters and more and each tenant blamed the other so, I was not able to figure out who was at fault. These are just a few examples of the real-life consequences of being a landlord. If you lucky over the years of leasing out a place and the tenants are good they help you pay down the loan and add more value to the home will motivate you to be a landlord.
3. IT’S A HIT AND MISS BUSINESS NO MATTER HOW MUCH RESEARCH YOU DO
I Continue to lease my rental homes even after some really bad experiences. Because my choices are very simple. Did I sell, lease, or Airbnb my homes. I have sold a few of my rental homes and realize with my experience I should’ve kept them.
So I keep leasing some of my homes and experience good and bad tenants. I love the Airbnb business but it’s truly a lot of work. I could turn the Airbnb responsibilities to a management company but the fees are not cheap and they expect you to spend money and still work so I might as well do it myself.
Then I feel like I can control the quality of work and making sure that the guest are happy. There is no right or wrong way to be a Lord and you are going to make mistakes it’s the business. I wish everyone the best of luck and please reach out to me for any questions if, I can help I’m happy to. Thank you. 602 299-1743 or email and live chat on www.letmeearnit.com