what Nobody tells you about being a Landlord
It's tough work
Being a Landlord is a great way to make money. You collect rent from tenants, and hopefully make enough to cover your expenses plus some income. However, Rental Property can become quite a burden for the owner, if he/she isn't fully aware of the work going in.
1) Rental property will always require work. No getting around it. There will be a leak, broken stove, busted window, etc. and usually when it's least convenient for you. The only way to avoid working on your property is to sub it out to a management company for a fee.
2) Tenants will be late. No one wants to be the bad guy. However, when a tenant is late you are faced with the cold hard decision of whether or not to begin the eviction process. This is never easy. Imagine handing a family a letter which states they have 15 days to get off the property. Sounds like fun right? Maybe if you're Hitler, but for most of us this is not something we'd enjoy.
3) It takes multiple Rental Properties to really see an income you can live off of. Having one duplex is a great investment, but my wife and I know it's not enough. We hope one day for 1/3 of our income to be from properties. It'll take atleast 3 rental properties for us to see that become a reality. 3 properties is alot of work.
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