WHY WOULD I EVER WANT TO BE A LANDLORD??
Posted by: Michelle Odessey, in Property Management, GeneralMy answer to that question is “ABSOLUTELY.” The things I always hear on the negative issues of landlording are calls in the middle of the night and tenants. When you have good properties in good neighborhoods, you find good tenants who pay on time and take care of your property and don’t call you. Sure, there may be the occasional ( the hot water tank is leaking or the air conditioner stopped working) So what!! You are there to fix your OWN property so fix it. Sure, it may take an hour of your time ( or not). You just call the repair person. They come to fix it and send you a bill. And it’s over. Is it really all that big of a deal?? I have never in my 20 years of landlording got a call in the middle of the night. I have a voice mail and I turn my cell phone off at night. 99.9% of the repairs are called in on the voice mail or called to my cell during the day and not an emergency and can be handled within 24 hours.
The other issue is tenants that do not pay their rent on time or don’t pay the rent at all. Like I said before, when you have the right properties, you get the right tenants and don’t have that issue. Sure , I have tenants that may pay late. They understand our policy and they lose their rent discount and pays the additional daily rent until we receive their rent payment. As long as they communicate this to me and pay as agreed, is it really so bad you get MORE MONEY for waiting another week on the rent! If a tenant doesn’t pay the rent, you don’t wait a month or two before taking action. This is a business. If you don’t get the rent, take the action and start the dispossessory.
The tenants are “working” for you so you don’t have to work for your money. The rental income is “passive income” so the tax benefits are better as well as deducting the expenses and the property. Great tax benefits for owning rental properties! I love landlording!!
Peggy Parks
Entries (RSS)