Understanding the realities of becoming a landlord
YOUR GUIDE TO INVESTMENT PROPERTY. There are lots of things to like about being a landlord. After all, what is better than owning property and having that property provide you an income? Indeed, this is something that a lot of people aspire to but while you are busy dreaming, there are some realities that you need to know before you take the plunge. After all, the amount you spend when buying and maintaining a rental property is no joke.
If this is something you are seriously considering, have a look at some of the things you need to deal with and see if this is something you want to handle;
1. This is not your typical 9-5 job
You see this and you may think this is a pretty sweet deal and this is in fact the reason you want to be a landlord. That is well and good but it also doesn’t mean this is easy since some days will be breezy with nothing to do. But there will be some days that you may need to work more than the requisite 8 hour day. You need to be flexible or a 5-minute rent collection trip can become a whole day repair emergency.
2. You will hold a lot of roles
When you become a landlord, you also become a realtor, a repairment, a debt collector, therapist, counsellor and so much more. This is, after all, a job that deals with people and people’s needs are varied and unpredictable.
3. Mind the legalities
It is easy to think that being a landlord is as easy as finding tenants and collecting rent money. The truth here is there are a few legalities to be considered which range from questions you may or may not ask tenants to handling of the deposit money and even eviction laws. The long and short of it is you need to know your rights and those of your tenants before you even think of getting the ball rolling on your rental property.
4. Experience and a learning curve
They say experience is the best teacher and this is true even for landlords. You will need to learn how to spot signs of neglect right off the bat so you can get them looked into. You have to learn how to deal with tenants and their requests etc. It is an exciting journey with lots of rewards but its success will not come easy.
5. Expect the unexpected
Becoming a landlord will come with a lot of rewards and more than a few curveballs. Even the best tenants are bound to cause some unexpected issues every now and then. If this is to become a lifelong career for you, it is best to expect the unexpected and learn to deal with things as efficiently as possible.
Yes, after reading all that, you may be thinking twice of becoming a landlord and that is good. It is too important of a decision to be made rashly to take as much time as you need to prepare yourself for success.