Tip of the Month - November, 2019
DO IT YOURSELF LANDLORDING
Source: Landlording: By Leigh Robinson-4th Edition
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
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
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.