Perhaps you’ve considered buying properties for rental purposes, but held yourself back due to some very common misconceptions about being a landlord. One assumption, requiring debunking, is that by and large tenants are rude, slobs. To that end, landlords should expect to be called at all hours and to have absolutely trashed apartments, upon the leaving of tenants. Neither is necessarily true. Unless maintenance is simply ignored, most tenants are mindful of the basic courtesy of calling about problems at a reasonable hour.
That is the experience of the author of the following article, a landlord for more than two decades. Nor is it the experience of the author that he need spend an exhaustive amount of time being a landlord. Assuming that rentals are kept up, tenants are treated with honesty and courtesy, and a cordial relationship with go-to contractors maintained, then problems with trashed units and hassles over repairs should be truly minimal.
However, upkeep, taxes, contractors and all the other expenses that go into rental unit owning ensures that they are not an overnight money-making bonanza, alas, another rental myth.
- Some evicted tenants will sometimes take what they need and leave the rest of their stuff.
- When buying rental properties, you’re buying for income, and also for long-term investment. It’s not a “get rich quick” proposition.
- If you fix up your rental properties well from the start, you shouldn’t have many major repair issues going forward.
"I don’t regret beginning my journey all those years ago, and I do my best to educate others before they jump in. It isn’t for everyone, but for many, it can be part of a smart, long-term investment strategy."
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