if you have the money and help is it realistic to be a land lord?

Answer 1

It is a good long term money maker. I assume that "help" you mentioned will collect the rent, screen prospective tenants for deadbeats, and do on site repairs. If so you put the money in and rents plus tax benefits come rolling out. Otherwise if the landlord is doing all of that it can be a tough way to make a living.

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

YES: Remember that a Land Lord is a business person. To be one you have to have rules for yourself, by sticking to the rules you permit yourself to be successful. By breaking your own rules, you will get more pain than you can handle.

I don't know what help you think you need, the problems of the land lord come from people. If the rent is paid, and the funds are set aside for repair, then getting the building repair done is not a problem most times.

Answer 4

Certainly possible.

You need certain skills and a desire to do the work. People skills, math skills, organizational skills. Many people have them and do not like being a landlord.

You also can be a real estate investor while not dealing with the property management. Hence you do not have to be a hands on landlord. Most owners of large commercial buildings do not manage them. Even small landlords with residential units (houses) can hire out the work successfully.

Answer 5

Sure, but it can be a tough racket. If I were you, I'd start by buying a duplex and living in half of it. Get a feel for being a landlord without all the risk.

Answer 6

sure, why not. i do it. i actually do it part time for our landlord. me and my bf are assitants. it's great, we get a discount on our rent for helping take phone calls, and clean the building we are in. i don't mind it at all. doing it full time is a big job though. our landlord goes non-stop even on his days off.

Answer 7

For some people yes, others no.
Totally depends on your personality.
Think about a landlords duties . . . does that appeal to you ?

Answer 8

yes but please don't be an old butt hole because my last landlord had a nice place and was always breaking landlord laws... like coming in our apt/house when we werent at home...

Answer 9

yes just have your signifigant other do the rent collecting for you

Answer 10

yes it is