relaxThere are plenty of myths that surround the profession of being a landlord. Some people think that it's easy and that they will simply buy a property and sit back and collect the extra income. That's rarely true. Landlords work hard at their job, even more so if they're managing the property as well. Though there will always be months that are slower than others and moments of peace, there will also be moments that feel like utter chaos. Repairs need to be made, rent hasn't come in, and you find that there are three people living on the property that haven't been checked. Plus a dog. Before taking that plunge, it's always good to make sure that the facts that you think you know are, in reality, facts at all and not simply myths repeated so often that they're believed.

The money that comes in from the property you rent out is considered passive income. Usually that will imply that you can sit back and relax as the money comes in, not having to work too hard at it. If you manage the property, this most certainly is not the case. This doesn't mean that it will always be busy, but for the most part you'll be hopping from one thing to another, depending on how many properties you manage. It does ease the stress, at times, if you hire a property management firm.

You are not required to do all the repairs yourself to make a profit. Some people shy away from landlording because they're under the impression that they will have to repair every broken faucet, unclog every drain, and fix anything that breaks in the unit. If you do your homework and hire smart, you can certainly find a skilled person to do the repairs for you.

You shouldn't necessarily worry as much about tenants calling at inconvenient times to report maintenance issues as not calling at all. Some landlords worry that they'll receive panicked calls from needy tenants, but it's the ones that don't report anything (ever) that could cause a rather expensive problem down the line. If you know about the problem early on, you can get it fixed. If you don't, then the damage may spread into a much bigger, much more expensive mess.

You do not necessarily need to be wealthy in order to become a landlord. Many people fall into it because they've had to move and cannot sell the home or any number of reasons. Renting it out, as opposed to simply leaving it vacant, will help you cover costs on the property. While there will be costs associated with leasing the home - no one wants to be a slumlord that doesn't take care of their tenants or the property - just because you've invested in real estate doesn't mean that you are incredibly wealthy.

POSTED June 11 2014 10:12 AM

Tenant Screening

Comprehensive credit & criminal screening.
Get access to bankruptcies, employment history, medical records, past addresses, evictions and more.

View Pricing & Get Started

Legal Forms

State-specific legal forms.
Lease agreements, rental applications, lease termination, eviction forms and much more.

Browse Our Legal Forms

Membership Pricing

Our paid membership plans now include free tenant screenings! Greater access to all of our features and the membership pays for itself!

View Pricing & Get Started

Landlord Tenant Laws
top 100 landlords