Are you considering a rental property purchase? Are you weighing the responsibilities of becoming a landlord? Would you like to glean knowledge from those who have gone before you in the real estate market so that you can have a successful experience as a landlord? If you want to learn the ins and outs of being a landlord, then follow this quick and easy guide that lists the common misconceptions about being a landlord. You may be surprised by what you learn, and decide that this new role is for you after all.
Misconception #1: Landlords are Mean
Landlords do not have to be mean, gruff, domineering or any related adjectives. There are times when a landlord needs to be firm (especially if tenants are prone to paying late), but for most of the time, a landlord does not have to change his or her personality in order to scare the tenants. Simply be yourself. You can have a good relationship with your tenants that will pay off in the end. Be friendly to your tenants, and they will be friendly back. They will want to take care of your property if they like you and have a relationship with you. Relationship here is key!
Misconception #2: Rental Property Always is a Pain to Maintain
Choose wisely when buying your rental property. If you choose a rental property that needs a lot of work or that is extremely old, then you may have some maintenance and upkeep problems. But if you can find a reasonable purchase that has recent improvements (such as a new water heater or good insulation), then rental property can be a breeze to maintain. Consider all your options when you are choosing a place. Select a rental property that retains it’s value better over time (for example a free-standing duplex vs. a town home).
Misconception #3: You Have to Mow the Lawn
Actually, this is far from true. As the landlord, you can mow the lawn. But you also can simply provide a lawn mower and make mowing the lawn part of your tenant’s lease. You’ll need to include tenant responsibility for fines accrued from your neighborhood association in the case of not mowing the lawn. That will get your tenant’s outside for a little yard work on Saturday mornings!
Conclusion: Don’t Give Up!
Many people feel overwhelmed by the idea of being a landlord. Maybe you have inherited some rental property. Maybe you are thinking about getting into the market. Whatever your initial reasoning, you have to know what you are getting into ahead of time. So keep this handy guide close by, and in when you are in doubt, refer to it and remind yourself of the common misconceptions about being a landlord. It’s a tough job at times, but the ease of the job comes with time. It won’t be long before you are reaping the benefits of all that extra income from your brand new tenants. Start looking for rental property today!
