With all the home repair shows and home flipper shows on TV, owning property is more popular than ever. There’s no doubt that you can make a lot of money on a rental property, but that doesn’t mean everyone is cut out for the job.
Think you might like to become a landlord? Here are three things you should know before you take the plunge.
- It’s not a 9 to 5 job
Like the idea of finishing up at five o’clock and heading home to soak in a hot bath? Being a landlord may not be the right job for you.
Not only is managing a property hard work, if your tenant is experiencing an issue, they may call you in the evening or on the weekends. Don’t be surprised if you have to drop whatever it is you’re doing to fix the problem.
- It costs more money than you think
Many people get so hung up on the idea of making money that they don’t realize that owning property costs a lot of money too.
You will likely have to pay more in insurance costs when you own a rental. You have to make sure that your rental meets area codes and regulations, which means you’ll probably end up being quite friendly with your local electrician and HVAC professional. If something breaks, you have to repair or replace it. A rental costs even more if it sits empty while you look for a new tenant.
- You’ll play many roles
As a landlord, you’ll play many roles. You’ll likely play a:
- Sales person
- Debt collector
- And more
Looking for a way to make owning a rental property easier? Hire our property management company for the job! We wear many hats so you don’t have to!
[HD1]Link to article above.