Should You Become a Landlord

Should You Become a Landlord?

Background image via Newly-launched.com

Do you have what it takes to be a landlord? The daily

life of a landlord is a spontaneous one as being a

landlord is somewhat considered a non-traditional job,

i.e. not your typical 9-to-5. However, with excellent

financial and lifestyle benefits, it is no wonder many

are considering a career as a landlord. Understand

that becoming a landlord is not for everybody,

therefore ask yourself these questions first before

taking the plunge into the rental property business. Image via Blackburne


Do You Like to Deal with People?

In order to become a successful landlord, first of all you

will need the ability and patience to deal with people

of different personality types. Some tenants are

affable, whereas the others are just plain difficult, you

will not know until you are in the tenant-landlord

relationship with them.

Image via Pixgood.com


Are You a Do-It-Yourselfer?

Broken pipes can happen at any hour of the day or

night and seeing that you are just starting out, 24-hour

handyman is not an option to be considered as it might

be too expensive. To turn your rental income into a

long term investment, you will have to do the work as

well as handle other 24-hour responsibilities yourself

to save money.Image by stevepb via Pixabay


Do You Like Technicalities?

Tenant-landlord provisions involve understanding local

laws in order to prevent and resolve differences with

tenants. You need to be clear on the legal side of things

such as collecting rent, security deposits, evicting tenants

and etc. Remember, the rental agreement is actually in

place to protect the landlords, and not the tenants.

Image by Rifqi Jamil via Wikipedia


Are You Able to Manage Your Finances?

As a landlord, you will need to learn to manage your

finances in times of good and bad. It is essential for you

to go with the flow and be ready for the unexpected as

a landlord will have fluctuating income. There is no

guarantee that you will have full occupancy, rent paid

on time, and zero repairs every month.

Image by thephilippena via Pixabay


Are You Able to Keep Your Property Safe?

As much as you would love for your tenants to care for

your properties as much as you do, it is not going to be

like that. Homeowners will always have the duty to

properly maintain your properties and make sure that

they are always in good working order. Should there be

any mishaps, chances are you could become embroiled

in some legal actions. Therefore, do check on your

properties regularly to avoid a costly legal battle.Image via Arbor


ZhenZhen Nghttp://www.iskandar-propertyagent.com

Should You Become a Landlord

Real Estate

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