This is the first several of tips about what it takes to be a landlord. I've been doing it now for about 12 years and I'm finally figuring out that I'm not cut out for it! I am going to start out with "Why not to be a landlord."
If your soft hearted, trusting and easy going here are reasons NOT to be a landlord:
1. People immediately recognize your soft hearted-ness and try to take advantage of you and chances are you will let them....you end up losing $$$
2. You will have a hard time when it comes to holding tenants accountable in paying their rent especially if they have young children...you will lose a lot of $$$
3. You will sleep less because you will be up at night worrying about collecting rent to pay your mortgages...you lose a lot of sleep and more than likely end up losing a lot of $$$
4. You will get discouraged when someone moves out and you find the place destroyed and have to spend all sorts of money getting it ready to rent again because the tenants have already eaten up there security deposit in unpaid rent, even if you do evict them, because the court system is not helping you to NOT lose money, in fact you may even feel like the court system thinks you can afford to lose the money more the tenants can afford to be without a home (sorry for the run-on sentence...I just couldn't stop)... oh by the way, you lose a lot of $$$
5. You will have a hard time saying no to potential tenants even though you know deep down they are NOT trustworthy...you will lose a lot of $$$
6. Because of your kind hearted personality you will develop personal relationships with your tenants which is contradictory to an effective landlord tenant relationship allowing them to take advantage of you...you will lose a lot of $$$
7. The court system will let you down and you will get discourage because while you are trying to keep up with your mortgage payments your free-loading tenants are living the free and easy life...you are losing lots of $$$
8. You will lose a lot of $$$
So if you have a soft heart, are trusting and easy going and want to lose a lot of money, be a landlord!
Next blog I will REALLY talk about what it takes to be a landlord!