The challege of Landlord
(2009-01-06 14:31:26)
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Landlord is a interesting business. It is a tough job for someone. For some people, fixing toilet or hearing tenants' complaints are the last things in the world they want to do. To avoid this, they try all the other investments instead of real estate. But for the people who already master the art of landlording, it is extremely rewarding professional.
I have tough moments in the last 6 years of landlording. When I had my second baby, I had a very tough time and my body was exhausted. That is the only time I want to give up. I almost sold two of my rental properties to my fellow investors. But somehow, he changed his mind and I ened up keep the properties. And I am very very thankful for this since the tenants came later ended up to be great tenants and I truly enjoy the nice cash flow.
The key to be a successful landlord is to find the right person. It is almost the same like a successful marriage. It will not work if your partner is not the right kind for you. Some people do not want to see the property is vacant, they will rush to rent to anyone who come to ask. But you need to get the right person. The person who will pay you ontime, take care of property, most important is they will stay for a long time, longer than 1 year.if a tenant just want to stay for a year, you will gurantee lose money because it will cause nice amount of money to clean up when they moved out.