how realistic and possible would it be to be a successful land lord if you have the money and work hard?

Answer 1

Very. I started doing it and I am making money doing it. My family friend has several duplexes in Texas and renting out to Section 8. He clocks in after management fees about $8000 a month. That is what you need to do.

Answer 2

Real estate is a key component in building long term wealth, but many think being a landlord is a way to get rich quick. Those people quickly become disillusioned or burnt out especially if the tenants are less than desirable. What people need to know is in the first three years you’ll have what’s called “negative cash flow.” The cost of acquiring and fixing up the property will cost more than the money coming in. So you need to be prepared for that. Running a background check is also important in the screening process. Just add the cost of that check into the application fee you charge people. Being a landlord also requires a certain personality and temperament. If you have tenants calling all the time about fixing things or questions about the place you have to be able to let that roll off your back. You also have to consider whether you want to own an individual home, duplex, apartment(s), or condominium(s). Most professional real estate investors prefer single family homes - there are some maintenance plusses to owning a condo. Money Magazine has a new article out entitled “Reality Check,” which is about how difficult it is to be a landlord. If you’re planning to be a landlord be honest with yourself and be prepared for a challenge. Screening tenants is your first priority and you should charge the potential tenant for that check. If you don’t think you’ll be a good landlord but you’d like to own property, have someone manage the property for you.


# If you rent property, manage it as if it were a business. Set a rent that's fair for your market, not one that's based on your mortgage payment.
# Require prospective tenants to fill out an application, and ask them to supply a copy of their credit report.
# Make the security deposit a little higher or lower, but not the same as, a month's rent.
# For landlords with just one or two properties, include a repair clause that makes the tenant responsible for the first $50 cost of any repair. To do this, you may have to charge a little less in rent.
# Provide a $25 or $50 discount for early rent payment.
# Do a move-in inspection and move-out inspection of the property to protect yourself in case you have to keep part or all of the security deposit to cover damage.
# If your tenants do not pay the rent, be prepared to evict them.
# If you're relocating far away from your property, ask a friend or relative to handle the rental, in return for some compensation, or consider professional management.

Answer 3

I would say you can do this but why? I am a landlord because I cannot afford to hire a property mgr now. But in time I will hire a property mgr. That is the way to build wealth. As I make much more find bargain properties than managing them. I can make $200 per hour find underpriced properties vs. $50 per hour as a landlord; I will hire that out. Now the idea of owning investment real estate is outstanding and the best path to wealth.

Answer 4

Yes, if you work hard you can accomplish most things. Keep good tenants and keep the units repaired. Do not tolerate tenants that cause problems with the good tenants.

Do not show favoritism to any tenant, remember it is a business. Everybody must pay their rent on time, and if they are late they have to pay a late fee. Make sure that your rental agreement spell everything out in black and white.

Answer 5

It seems like most wealthy people got started with real estate, so I think the chances are good if you study.

This group does a great job educating landlords: http://www.mrlandlord.com/.