why need to be a landlord???? - Landlord Forum thread 321641

why need to be a landlord???? by Anonymous on July 22, 2014 @13:31

why want to be a landlord? because

--tenants do not pay rent
--tenants trash your house
--there is a lead paint in 1953 in your house
--tenants grew mold at your house
--tenants make drugs in your house
--tenants slip and fall in your house
--tenants' dogs bite next door's baby girl
--tenant files bankruptcy
--tenants do everything above, and you like to keep provide water, electric and gas service at your property, so tenants could keep doing everything above

So please tell me, is this why you like to be a landlord?
Thanks you all the great landlords

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Re: why need to be a landlord???? by Bill on July 22, 2014 @13:40	[ Reply ]

People who believe they are making money as a landlord are not counting all their cost.

Re: why need to be a landlord????

Re: why need to be a landlord???? by Jack Klein, LPA Fan (NY) on July 22, 2014 @14:32	[ Reply ]

Owning rental property and being a landlord is not for everyone. Don't think that you're all set just because you own a rental property and have tenants who want to rent your place. There's a right way to do things and a wrong way. I almost got out of it too. I am glad I found the LPA PLUS I enjoy reading anything on the subject of investing and being a landlord.

Re: why need to be a landlord???? by Anonymous on July 22, 2014 @14:58	[ Reply ]

Tenants do NONE of the above in my rental properties. My tenants pay rent My tenants don't trash my houses. They are usually not as well taken care of as I'd like, but they are not trashed. My houses likely have lead paint since they were all built earlier than 1950, but it's not been an issue. My tenants don't grow mold. My tenants don't make drugs. My tenants don't slip and fall. My tenants don't have dogs. My tenants don't file bankruptcy. I don't provide water, electric and gas to my tenants. Those utilities are in their name and it's their responsibility to pay those bills. Some of this--like the slip and fall issue---is luck. That most of this don't happen is because of very careful screening and strict following (for myself) of my own rules of how to operate. We make money. That's why we do it. And we keep doing it so that my husband can retire from his job in a few years and we can have a good income that will enable us to keep our current standard of living. It's also safer than the stock market. We have about as much money in the stock market as we do in the six rental properties we own and even if the real estate market went bust, we'd still own assets that might be worth less for a short time but it would never be completely without worth. That's not necessarily true of our stocks. Another benefit to our being landlords is that we benefit our local economy. We have renovated (or are currently renovating) all the houses we bought as rentals. We keep one contractor completely busy and employed for us full-time and two others busy part-time. We have several other people we keep busy on a part-time basis doing roofing, gutter cleaning, painting, mowing, weeding, etc. A local insurance agent, real state attorney, real estate agent, home inspector, and an accountant benefit because we choose to be landlords. We live in an area with high unemployment and lower than average incomes so all these people are being helped by us owning rental properties. Not to mention the boast we give to the bottom line of the local Lowes and Home Depot stores and the local lumber yard and the craftsmen we hire for special projects (like the one who's building a built-in bed for one of the furnished rentals). Our local bank even benefits because we have a small mortgage from them on one of the houses (4 of 6 are owned outright and the other 2 have small mortgages that paid for the renovations). We don't need to be landlords. We choose to do it because of the financial benefits. And, those benefits are not just to us, but also a benefit to other people in the local community. That's why we choose to be landlords.

Re: why need to be a landlord????

Re: why need to be a landlord???? by Anonymous on July 23, 2014 @10:13	[ Reply ]

What cracks me up is people who think you just sit down and let the money roll in. I have 2 refrigerators in my home-one from a rental where the tenant wanted her own. The extra one is quite old and has a door hinge issue that means sometimes it just comes open on its own. So I keep a heavy box of kitty litter next to the door to stop that happening. I bet if you all looked around your own homes, you could find things that aren't quite perfect, but you deal with it and live with it that way. My brother thought that renting property was the road to easy riches-when he married he moved into his wife's home and rented his. After lease signing, during walk thru, he began explaining things like "this light switch by the door doesn't work, you need to use the other one, this bathroom you need to jiggle the handle, keep the bucket under the sink sometimes it leaks, this outlet in the family room doesn't work, etc." Big surprise--the tenant wanted all that fixed ASAP. And although I had warned my brother multiple times that he simply didn't have the ready cash flow to be a landlord, he had to make all those repairs on expen$ive credit cards. God only knows what will happen if a sewer line breaks on the property or something major.

Re: why need to be a landlord????