Is Being A Landlord Easy?

Many people believe landlords have it easy. They think because they are earning monthly income on extra property that their life is a breeze. But substantial time and effort are involved to maintain and balance the books.

It takes a certain skillset to be a landlord. The first is the need to be an excellent judge of character when you first meet a potential tenant. Some people are not what they at first appear to be and having the wrong tenant can prove to be disastrous. Good landlords often have to be part psychologists to succeed at letting.

You also need to have the spirit of an entrepreneur. That’s because running rental properties can be like running a small business. You have to stay on top of everything. So many things can go wrong, personal organisation is paramount. Tenants can call you in three in the morning to tell you that their toilet doesn’t work or that the heating won’t come on.

Unless a landlord has a property manager who handles all repairs, he has to do it himself. He has to personally drive over and either fix the damage, or else spend the money on a contractor.

Today’s market is frought with income headaches too, with so many people losing their jobs, a tenant can easily fall behind on his rent. This puts the landlord in a difficult position because he still has the pressure of expenses on each property, additionally mortgage payments can be involved. At the very least property taxes, maintenance, and insurance costs. It takes a special personality to keep a cool head in this kind of environment.

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