Being a land lord is a much respected business but in term of responsibility it is hectic, time taking and caring every time when it needed.
Through it is a money making idea to rent your property or investing in a property for dealing as landlord. Here I am discussing basic problem we face as a landlord.
If you are dealing as a landlord you need to buy a property through it needed capital to invest. There is also fewer risk factor in buying home. i.e.
If you buy a damaged or out-of-date home, you must need to invest on repairing as soon as possible before renting. Damage can be foundation, plumbing, or wiring and that can cost thousands of dollars to repair.
But even if you buy a property in good condition, you may still need to renovate
When it comes to landlord, two things in life are inevitable: death and repairs. You should to be prepared for both at any time.
The thing about repairs is they creep up on you suddenly and often cost a lot. For example, if your tenant calls at 11:30 pm at night to tell you the water heater has busted and is flooding the house, you have to immediately send an emergency repairman to shut off the water and dry out the carpet.
Since it’s after hours, he’ll charge you more than usual an hour for each hours he is there.
Be prepared to spend your free time changing light bulbs, replacing air filters, weeding yards, and spraying squeaky hinges.
Ask yourself if you’re comfortable confronting your tenants before you start renting. Keep in mind that you’ll have to make judgment calls as a landlord. For example, imagine you’ve had a tenant for six months and one month he doesn’t pay the rent. You don’t hear from him for a week. Finally, you decide to call and the tenant tells you he won’t be able to pay for another 7 days.
Make sure you’re comfortable making this kind of decision and sticking to it.
Dealing with Problems
Most of your tenants will pay the rent, treat the property like their own, and keep the neighbors happy. But at some point, you’ll inevitably have a problem tenant.
If you’re going to be a landlord, you’re going to have to handle tenants fighting with other tenants, tenants doing damage to your investment, and tenants who don’t pay. You’ll need to know the eviction laws in your state well, and be prepared.
Landlords need to look at property management as a rotating door. Tenants come in, stay their lease, and then go. While some tenants will renew a lease, most will move on to the next place when the lease is through and leave you with an empty apartment.
In down times, the apartment could sit empty for several months. To be a successful landlord, you’ll need to learn to manage your finances in times of feast and famine.
Your property Caring
As an owner of property, you always have the duty to keep your property properly maintained and in good working order so as to avoid contributing to potential mishaps. By keeping your units safe, no matter what it takes, you greatly decrease your chance of trouble in this area.