Hi guys, Just wondering if any of you have rental properties or knowledge about being a landlords. What are the downsides or anything I should consider before jumping in with both feet. Just so you know, I have a condo in mind and it already has tenants with 18 months left on their lease, so instant equity. Do you need to have a special kind of disposition to be a landlord? I am not handy at fixing things, but I have family and friends that are, so no need to hire repairman. Any advice is welcome and thanks in advance.
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I was the live-in manager of a 27 unite artist's live work loft for 20 years. THE most important thing is to 1) be familiar with tenants rights (they do have them). These are local so you need to find out what they are in your area. Second, you need to have a GOOD LEASE. If you don't know what that is or means, you MUST speak with an attorney familiar with land lord / tenant law in your area.
MOST tenants are good people but there are always some that are not. You need to know how to protect yourself and your real estate investment.
Beyond that it is just a matter of being reasonable and abiding by the terms of what ever lease agreement you have with the tenant.
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Thanks, Mike and Alto. The complex has a strong homeowner's association and the tenants (two men) are very happy there and take very good care of the unit (so to speak).
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