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March 27, 2009, Newsletter Issue #125: Ways to Know If You’d Make a Good Landlord for Home Rentals
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Tip of the Week
Many people consider going into the home rentals business but are not sure they would become a good landlord. The answer is typically a combination of some technical and a few “personality” factors. Here are some items to consider.
Are you prepared to treat renting your property as a real business? It is strongly recommended that you treat every facet of home rentals as a business, like any other. Even if you decide to rent your property to a family member, the transaction should still be handled like an economic event and not a personal one. Are you prepared to make or contract with someone to make repairs, sometimes in an “emergency” situation, when needed? Will you have the financial ability to pay for either materials or professionals? Are you prepared to be congenial but business-like, with access to an attorney, accountant, and any other professional you might need to assist in your business? Do you understand that tenants are not your friends, but clients/customers? Are you ready to both enjoy the good times and be a strong business owner to solve problems should they occur? Being a successful landlord can be a rewarding, pleasant, and, sometimes, easy experience. At other times, it requires you to be a firm, principled, and dedicated businessperson. If you are committed to being successful with the maximum enjoyment and resolution to be firm when necessary, you can become a wonderful landlord.
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