Too many landlords think of property management as an annuity-constant stream of income with an occasional turnover of tenants. They are wrong.
Being an effective landlord involves skill, negotiation, and discipline. If you don’t have the full suite of skills, consider how to you’ll compensate for your shortcomings.
- Investor: Are you disciplined enough to know where and when to buy rental properties? Buying property in the wrong location and/or at too high of a price will leave you recovering from a loss for years to come. Best you can, make money on the purchase, not on the sale.
- Contractor: No, you don’t need a contractor’s license but you need to know enough about construction to know the difference between Romex® and Tyvek®. If you aren’t comfortable with basic building construction you’ll be overwhelmed and overcharged when a contractor is needed.
- Marketer: Placing an advertisement on Craigslist is easy enough. Advertising to attract a pool of potentially ideal candidate involves skill and creativity.
- Lawyer: Well, you don’t need to be a lawyer but know your way around a lease agreement and know your rights and legal obligations as a landlord. If you’re learning the law and FCRA clauses in preparation for a pending dispute, you’re learning too late.
- Handyman: Save yourself some money. Visit your property on a regular basis to conduct