Tip of the Month - November, 2019


Source: Landlording: By Leigh Robinson-4th Edition

“Deferred maintenance” is a euphemism for gross neglect in real estate jargon. This describes property owners who ignore their tenants, neglect maintenance, and do slipshod repairs on their property suffer more losses than they realize.  They cannot get good tenants, they cannot get good rents and they cannot get a good price when they sell.  Their buildings are depreciating not only on paper at tax time.  They are depreciating daily.

Landlording is a business.  It requires one to know at least rudiments of the skills of an accountant, appliance repairer, architect, attorney, banker, bill collector, bookkeeper, buyer, carpenter, carpet layer, custodian, diplomat, drapery hanger, interior decorator, electrician, financial analyst, garbage collector, gardener, glazier, insurance agent, lobbyist, locksmith, painter, pest controller, plumber, psychologist, real estate agent, roofer, salesperson, secretary, sleuth, trucker, vinyl tile layer and wallpaper hanger. In addition, you must have some business savvy, some common sense, and equanimity by the houseful.   Is there one person who has all these skills and attributes?  NOT HARDLY!!!

Where does that leave us real world landlords and landladies who are very much alive and bent on providing decent housing to decent people at decent prices in anticipation of making a decent profit?  It leaves us with lots to learn and lots to do.

Its no wonder so many people neglect their rental properties and fail at landlording! They are overwhelmed by what is required in terms of skills, attributes, and time. Landlording is not simply an investment opportunity as it is so often regarded, one you sink your money into and forget about.  It is a business, a tough business.

This web page was updated on 10/31/2019.