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Are you ready to become a landlord
Are You Ready to Become a Landlord?
by Lyn Bell
Benefiting from real estate investing will also mean taking on extra responsibilities. If you are thinking of becoming involved in real estate, then you may also be looking at the job title of landlord. While this can often be a good way to make an investment and a living, you will want to consider several things before taking on this role.
Before thinking of becoming a landlord, you will want to make sure that you will profit from it. This means finding the right place for potential tenants and having the ability to market and find the right demographics that you want to occupy your property.
If you decide to become a landlord, you will want to make sure that you are made for it.
� Ask yourself whether you are the right fit to deal with different personalities of tenants.
� Paying rent late, tenants taking advantage of the property and trashing it are some of the problems that often arise. Tenants have been known to use rental property as a P lab making it uninhabitable for future tenants. Quality of tenants is important.
� Maintenance and upkeep of the rental will be part of the job. Do you have the time?
� You will want to make sure that you can handle different situations effectively and make sure that you can find the right way to take care of the different needs for everyone concerned.
If you have the right people in the right property, you won't have much work to do and you may only have to collect the rent � becoming a landlord could be beneficial for you.
Of course you may want to hire a property manager to handle problems that may arise and to make sure the rent is paid on time. A percentage of the rent will then go to the property manager as their remuneration, reducing your profit.