Quote:
Originally Posted by ohioguy
Does anyone on these forums invest in rental properties? I've heard that being a landlord is a great hassle.
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It can be a hassle at times. As a landlord, you are the first to get blamed, and the first to get asked for money (rent discount, etc) since a lot of tenants assume that, since you own rental property, you are very wealthy (not true in my case...yet). It's important to leave emotions out of the equation...sounds cold when dealing with people, but it's necessary to keep your sanity. You can't buy into all the sob stories as most of them are false. Even it they are true, it's not your problem...again, sounds cold, but you have to have the "business is business" mentality or you will go crazy trying to please everybody.
However, like many have said, these problems can be minimized by thoroughly examining your prospective tenants' background (ie- criminal background, credit, employment, references, etc.)
In all honesty, I'm a pleaser and tend to be a "softy" when it comes to a tenant's problems (learned the above the hard way), so I hired a property manager to manage my properties. Not only does he deal with leasing, evicting, and day to day issues. He maintains the yard and other small tasks.
So now in addition to not worrying about tenant issues, my time has been freed up as well. If you go this route, make sure you factor in the cost of management (8-10%) when you buy a property.
Hope this helps!