ROIC - Tales Of A Lazy Landlord
2024-04-05 07:00:00 ET
Summary
- Being a landlord can be lucrative if done right, but can also lead to complications and financial strain if done wrong.
- It's important for landlords to treat tenants with respect, conduct background checks, and stay informed about laws affecting their business.
- Investing in real estate investment trusts can be a smart and hassle-free way to benefit from being a landlord.
Being a landlord can be very lucrative - if you do it right.
If you do it wrong, it can be an absolute trainwreck, complicating your personal life, professional life and finances. Or worse.
You can find a lot of advice on what not to do as a landlord, and a lot of it is really good. But I'm going with a piece from Kiplinger back in 2021.
" How to Fail as a Landlord " features the summarizing lines:
If you're thinking of getting into the rental property business, do it the right way or be prepared for the consequences. A longtime landlord lists five things no reputable landlord should ever do."
Now, I have to say, some of those five are utterly obvious.
For instance, No. 2 is (emphasis added):
Tales Of A Lazy LandlordRefuse to spend money to keep the rental in good condition and, when emergency maintenance issues arise, tell your tenants to fix them on their own. Soak your tenants and raise the rent way beyond what is reasonable. Acquire a reputation as a slum lord ."