Being a landlord means you want to make money. It’s not as - TopicsExpress



          

Being a landlord means you want to make money. It’s not as though you buy a building to have people stay in it out of the goodness of your heart. It’s a business – plain and simple. The key to any business of course is that it’s fruitful, that you are earning income, taking cheques to the bank, and growing your net worth. As a landlord you earn income by cashing rent cheques which implies that you have tenants providing you with the cheques! Now, tenants are going to come and go which will put you in the situation of having some of your unit(s) empty in between tenant A and tenant B. During this time of vacancy you don’t’ have rent cheques coming in which means you’re not making any or as much money. When I first started out in this business that made me panic. I would get the unit ready to re-rent and try and have it rented as quickly as possible. Unfortunately for me, my actions resulted in several VERY poor decisions on tenants that ended up costing me far more in damages, repairs, etc than I ever took in from that tenant. Lesson – BE PATIENT. In a perfect landlording world, you have long term tenants that always pay and respect your units; however, that is not real life. I have 12 units and am now MORE than willing to let a unit sit empty for long periods of time if need be. I made a video for you to check out below:
Posted on: Sat, 03 Jan 2015 00:42:43 +0000

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