Simple Reasons To Invest In Property Rentals And Step Away From The Role Of Landlord PDF Print E-mail
Written by Mike Withey   
Tuesday, 07 September 2010 17:41
As someone who chooses to invest in property AND become that property's on-site landlord, try to remember that you will be taking on the job of at least two individuals. Not only is your financial interest vested in the rental, but it may soon be forgotten in your all-consuming new role of having to take a vested interest in your new tenants -and their lives, as well.
by MikeWithey


As someone who chooses to invest in property AND become that property's on-site landlord, try to remember that you will be taking on the job of at least two individuals. Not only is your financial interest vested in the rental, but it may soon be forgotten in your all-consuming new role of having to take a vested interest in your new tenants -and their lives, as well.

The list of potential tenant complaints and situations goes on forever, but here are just a few examples of the basic ones that all landlords have faced at least once:

Unfortunately, renters who hate their neighbors are more common than those that get along - it just happens that way. And, as an investor in a duplex or condo who's turned on-site "landlord", you may also find you are now expected to invest your time playing mediator between your tenants, sometimes on a daily basis.

First off, concerning renter complaints, it's a given that some of them are legitimate as they are safety issues. For example, it's a good thing that your renter call you immediately about a pilot light that stays out on a stove and the smell of gas. But many things the on-site manager gets to face have nothing to do with safety and everything to do with causing problems for a tenant the other doesn't like personally.

One reason is because whenever individuals live in close proximity to each other, there is bound to be dissention amongst a few of them, at least. And, since many people never mature no matter what their age may be, they take it out on the person who is always in their "range" of sight.

And, the fun won't end with the calls. They will stop by the office - sometimes daily - in order to regale you with tales of how one tenant gets the evil eye from his neighbor every morning at 5:05 A. M., or you will be asked to evict a sweet little old lady whose son has the audacity to park his car in a tow away zone for exactly two minutes, which is the time it takes for him to get his mother from the house to his car in her wheelchair.

Moreover, you will be treated to dribble about how bad their unit is. Never mind that just two days before, the renter was smiling like a fool to be given the chance to rent the residence, or that he smilingly signed off his "walk through" papers with a happy face next to his signature. That was then, today everything has changed.

And the complaints may be ridiculous as well. Aside from the fact that safety issue complaints are acceptable and encouraged from the tenants, you might find yourself treated to whining about a "minuscule" crack in the plaster above a door knob, or a sudden dislike of the carpet in the bedroom.

So as you can see, there are a few things to think about when deciding to invest in rental property that you will also oversee as an on-site manager. It's a decision many live to regret, but in reading this, you at least know a few things that could possibly await you if you decide to do it yourself.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

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