A day in the life of a landlord
I came across this interesting article today on Yahoo about what it can be like to be a landlord. Originally from Motley Fool, the article gives a good taste of what is involved with managing a rental property. Many of the topics they have included are covered in this blog, but one point I want to highlight for anyone who reads the article is the importance of GETTING HELP.
The real financial benefits of owning rental property come from steady income and capital appreciation. Trying to save a few dollars by doing everything yourself will likely lead you to frustration and bad decision making. Figure out what you do well and enjoy doing (painting, cleaning …). Then round up a list of professionals that can help with the rest (plumbing, electrical, heating and air conditioning). When possible, set up a maintenance plan so equipment stays in top working condition. Let your tenants know who to contact when certain types of repairs are needed.
In the long run, you will get much more out of your investment.
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[…] I think the way my family has had success with owning many rentals over the years is from managing the properties wisely. Keeping the homes in good condition, making sure rent is always collected and not allowing the properties to be vacant are probably the most important aspects. In this blog, I attempt to share my 20 years of experience renting homes especially about the third point, keeping your properties rented. So bookmark this page to keep learning how you can make the most of your investment real estate. […]