LAND-LORDING TIPS – IS IT RIGHT FOR YOU?
You’re a savvy real estate investor, but are you a good landlord? For some people, managing properties is far more challenging than successfully buying and selling them. And to make land-lording financially viable, you also have to be willing to make a long-term commitment. Here are some land-lording tips.
If you are wondering if the landlord game is right for you, ask yourself these six questions:
- Am I decisive?
- Do I enjoy working with people?
- Do I have good communication skills?
- Can I defuse potentially volatile and/or dangerous situations?
- Can I deal with uncertainty and risk?
- Do I have the discipline to stick to a long-term plan?
Too many people make the mistake of thinking that land-lording only requires that you find suitable tenants for your property, which is itself a lot of work. Once that’s done, all you have to do is just sit back and collect monthly rent payments.
Nothing could be further from the truth. Land-lording is a 24/7 job, especially if you’re managing more than one property and/or multiple family dwellings like apartment complexes. If a tenant has a problem, you need to be available to respond to it in a timely manner. And if you discover that it’s the tenant that’s the problem, then you need to be able to take steps to protect your investment and, in some cases, other renters.
At Herman Boswell, we’re in the business of managing people and properties. Let us help you achieve the peace of mind and financial security that comes from taking care of long-term real estate investments the right way. Contact us today!