The Problems With Being A Landlord?

Answer 1

Many people who are involved in real estate management, who are landlords, think that it is a great way to make money. The first thing that you should know, before you read about the problems that come up, is that it really can be a lucrative business. You can make a lot of money since people will pay quite a bit of rent money in order to have the freedom of not owning the building. You can take advantage of this, using the rent money to pay off your mortgage so that you are getting the property for free. You should be aware of the problems, though, before you go into this business.

First of all, you may get tenants who will not pay the rent. They might not be able to afford it or they might just forget to pay you and never mail it in until you ask. This can make it so that you have to go to the property and demand it, threatening to throw them out. While you can technically throw them out, this is a long process that you want to avoid if possible. It can also lead to your losing money since no one will be living there. Dealing with tenants like this is the number one thing that landlords come to hate.

You may also find that you have tenants who want you to fix every little thing about the home. You might look at it and think that it is fine if the paint is only three years old, but they could want you to come through and touch up all of the scratches on the walls. Things like this can cost a lot of money. They will also cost you a lot of time. You need to be ready to provide for whatever the tenants need, though, since you are in charge of the home.

Lastly, you might have tenants who destroy the home. They could put holes in the walls when they are carrying furniture or break out a window when they are having a party. When they move out, you might have to take them to court for the damages.