apartment3Choosing to become a landlord can be stressful. Often it's a second job, and if you manage your own properties you might find yourself working at the oddest hours of the day. Even when you don't manage your own properties, you'll know that something may be going wrong in that very moment. The more properties that you own, the more income you may receive, but it will also bring about the issue of having to balance everything out.
When you decide that you're going to expand into becoming a landlord that owns multiple properties, remember to take a look at what your time is worth. More properties may mean more tenants and therefore more rent, but it will also mean more maintenance issues, potentially needing to stay on those tenants that just can't seem to remember that rent is paid every month, and all the paperwork that is involved with all levels of property management.

Property managers are often a way to help ease some of this burden (though not all, as previously mentioned). Depending on how many properties that you own there will come a time when you simply can't manage them all and provide adequate service to your tenants. Management companies help to make sure maintenance is taken care of promptly, the property is listed effectively, and that you have time to breathe.

If you'd like to check out the BiggerPockets article about the pitfalls to watch out for in the landlord business, check that out here.

POSTED July 02 2014 1:00 PM

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