Are You Cut Out to Be a Landlord? Being a landlord involves more than simply buying property, finding a tenant, and letting the cash flow in. Some people are very comfortable with the kinds of activities that landlords face almost daily. Others find them very difficult. Answer the questions below with a "YES" or "NO" to see if you have what it takes to be a landlord: Do you deal well with risk? Are you good at keeping records and completing paperwork? Can you juggle several tasks at the same time? Are you willing to do repairs and maintenance yourself or are you willing to pay someone to have them done? If the monthly expenses are greater than the rents, do you have the financial staying power to cover those expenses, year after year? If the property becomes vacant for a month or more, do you have the resources to cover the mortgage payment? Will you treat this like a business, raising rents when market conditions allow? If you can answer yes to most of the above questions, then you may have the personality and skills needed to be a successful landlord. Real estate investment, over the long haul, can be a very rewarding activity, but it takes work and time If you wanted to baby step into being a Landlord, then consider turnkey rental properties such as the new condo development in Waterloo Sage 6. This development focuses on the 70,000+ students in the area. They provide free maintenance so you don’t have to drive to the units when something goes wrong plus they offer a lease guarantee the first year. That’s unheard of in the real estate industry and is a great babystep before you’re ready to move on to houses or commercial property. Contact us if you wanted information on this
Posted on: Wed, 02 Oct 2013 04:25:45 +0000
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