Why Did I Become a Landlord?
The Things You Need to Know Before You Take That Leap of Faith
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When owning rental property don’t expect things to go as smooth as it is at your place of residence. Following are some of the things to expect: 1) Things getting broken from time to time, in the apartment as well as on the outside of the building. 2) People are going to be late with rent around the holidays like Christmas, 4th of July, Memorial Day, etc., some tenants will be late all the time. 3) Look to paint inside the apartments every year or every other year. You will need to refresh the hallways, porches and around the building as well. 4) Expect to be a referee or peace maker between tenants. 5) Expect some of your tenants to be confrontational when you don’t renew their lease or are in the process of putting them out. 6) Expect people to trash the apartment when they finally move out, we as landlords have an obligation to the tenant and that is to give them a clean, freshly painted apartment, with new or decent floor tiles and or carpet, working faucets, etc. What I have noticed is that some or most tenants are critical of the apartments when looking to move in, however upon moving they leave the apartment in the worst possible condition (i.e., nasty, filthy, stoves & refrigerators in such bad conditions I could only throw them out). I have also had tenants that leave the apartment as clean and in the same condition that you gave it to them. 7) Don’t expect some tenants to appreciate you going out of your way for them, when it comes down to scheduling work around them being available or when you don’t charge for something they clearly broke or done, that clearly costs you time and money. You should also not expect appreciate for not giving rent increases every year. 8) Expect to work more around your rental property than you do at your own home. 9) Expect to be juggling your money to keep everything up and running. 10) Expect to be going to Eviction Court spending money on court costs and possibly Attorney fees from time to time. 11) Expect to lose money due to non-payments from tenants. 12) Expect spiteful tenants to call the City on you for violations within and outside of your rental property (even though it is hard to make repairs when you are not receiving any rent payments), and this can be very expensive.
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About the Book
Landlords do more than just collect rent. They also deal with tenants who do not pay, maintain properties, and cope with all the problems that come with being a landlord. It’s a business that can still be lucrative for those that arm themselves with knowledge. As someone with twenty years of experience in real estate, Karl Wideman shares the tools you need to succeed. In this guide, you’ll discover: • how to evaluate properties for purchase; • tips on selecting good tenants and evicting bad ones; • the best ways to maintain your properties; • what you can reasonably expect as a landlord. If you are thinking about becoming a landlord, or if you are already one but don’t have a game plan, then you need the tips offered here. Avoid mistakes and pursue a strategy that will make it easier to become successful. This is one guide you’ll refer to whenever you encounter problems that lead you to ask: Why Did I Become Landlord?
About the Author
Karl Wideman, a resident of Chicago, has been in the real estate and landlord business for twenty years. He enjoys helping people understand what it means to be a landlord .