Becoming a landlord most definitely sounds like a tempting idea given the amount of profits that you can gain. However, you must know that a landlord’s life does not only revolve around collecting rent and getting rich in the process. It is important to be familiar with the laws that apply and also have the ability to get along with various personality types.
Here are some things to consider before you can determine if you should become a landlord.
One head, many hats
Becoming a landlord means taking on a whole host of responsibilities. As a result, defining what a landlord does can be a bit of a challenge. Besides the obvious task of showing up to collect rent, a landlord may also play the role of a salesperson, a repairman, a supervisor and a negotiator. It is not surprising that many landlords choose to hire a qualified property manager to manage their affairs.
Not a 9 to 5 job
Unlike a salaried employee, landlords are not likely to have to have structured days. You might work no more than an hour on one day, while the following day you could be expected to dedicate more than half of your day to oversee some repair work.
Moreover, it is not uncommon for usual obligations that take merely ten minutes to turn into hours-long ordeal. Take the case for collecting rent, for example. If a tenant brings up a leaking pipe, you could be spending the next two to three hours in getting the issue fixed.
Adhering to regulations
Everyone would choose to become a landlord if the job merely required you to purchase a property, rent it out and show up once every month to collect the dues. It is important to follow rules if you do not wish to make the job tougher for yourself. These could range from such things as questions you can and can not ask tenants, ways to deal with tenant’s security deposit and health codes to adhere to.
If you wish to become a landlord, see if you are able and willing to take on these responsibilities before you take the leap of faith. If you feel you will not be able to handle it, all is not lost! We can take care of it for you.
Work with our professional REALTOR® to find an awesome investment property and then let us take over the property management. Take a look at the property management services we offer and get in touch!
At BBA Management, we offer full-service property management in Greater Boston cities like Brookline, Newton, Fenway, Kenmore and Cambridge. You can also contact us or call us at 617-734-6900 or send us an email at email@example.com.