Nancy (MI)
12-22-2007, 01:13 PM
Most people when they venture into this business don't think about the reality of being a Landlord. Their dream is to be independent, and it seems like a very good business to partake in at the time.
Their first questions are about purchasing the rental property and the type of financing involved. They are excited and the venture is fun. However, being a landlord and purchasing property to be a landlord are two different stories.
Being a landlord is not easy. You must learn the Landlord/Tenant laws of your State inside and out and the City ordinances of where your properties are located.
Treat this learning process as though you are in College and ready to get that degree in Landlording. But keep in mind that our Exams do not come out in scores but in losses and wins! We can't afford to just skim by, because our scores reflect money, fines, lawsuits, and possible jail time, and not just an alphabet or a number on a piece of paper if we don't do well.
Being a landlord is about staying in control and doing it with finesse'. It is about people management. It is about rules and regulations and making sure that your tenants abide by every rule, no matter what. It is an emotional roller coaster of emotions and actions. It is a business of injustices, damages, tears, and sometimes laughter.
Be logical when you enter this field. Dreamers soon learn reality quickly and are usually crushed when their dreams disappear so harshly and without sympathy.
This is a business. Remember that! Don't get emotionally involved in your home because it is just a tangible object like a pencil or paper....a tool of your business, where you make money and fulfill a dream.
It is a business of damages, court scenes and decisions. HARD DECISIONS! Decisions that affect other people's lives and then doing it all over again and again and again.
Be strong. Be sensible. Stick to your rules! Never falter.
Be kind....be understanding and by all means be a good listener!
Be firm, say what you mean and mean what you say and run this business according to the laws and City Ordinances of your state, and you will succeed, and you will be happy.
Landlording is exciting! But is also challenging.... Don't expect justice to be handed to you. YOU must FIGHT for it! And in order to fight for it and win, you must know it inside and out!
Their first questions are about purchasing the rental property and the type of financing involved. They are excited and the venture is fun. However, being a landlord and purchasing property to be a landlord are two different stories.
Being a landlord is not easy. You must learn the Landlord/Tenant laws of your State inside and out and the City ordinances of where your properties are located.
Treat this learning process as though you are in College and ready to get that degree in Landlording. But keep in mind that our Exams do not come out in scores but in losses and wins! We can't afford to just skim by, because our scores reflect money, fines, lawsuits, and possible jail time, and not just an alphabet or a number on a piece of paper if we don't do well.
Being a landlord is about staying in control and doing it with finesse'. It is about people management. It is about rules and regulations and making sure that your tenants abide by every rule, no matter what. It is an emotional roller coaster of emotions and actions. It is a business of injustices, damages, tears, and sometimes laughter.
Be logical when you enter this field. Dreamers soon learn reality quickly and are usually crushed when their dreams disappear so harshly and without sympathy.
This is a business. Remember that! Don't get emotionally involved in your home because it is just a tangible object like a pencil or paper....a tool of your business, where you make money and fulfill a dream.
It is a business of damages, court scenes and decisions. HARD DECISIONS! Decisions that affect other people's lives and then doing it all over again and again and again.
Be strong. Be sensible. Stick to your rules! Never falter.
Be kind....be understanding and by all means be a good listener!
Be firm, say what you mean and mean what you say and run this business according to the laws and City Ordinances of your state, and you will succeed, and you will be happy.
Landlording is exciting! But is also challenging.... Don't expect justice to be handed to you. YOU must FIGHT for it! And in order to fight for it and win, you must know it inside and out!