In 2002 when I dove head first into real estate investing I never for a moment planned nor wanted to ever be a landlord. All I had in mind was to buy them, fix them and then flip them. That was what I was doing, and loving every minute of it.
Then came some uninvited advice of my accountant: “You need to hold your investments for a year so you won’t have pay so much in capital gains tax”, he said.
After hearing his words over and over again in my head I finally decided to take his advice and hold my investment properties for a while and then I'll sell them. This would mean that I was going to have to rent the properties for a year or two.
Oh NO - I was going to have to be a landlord!
The mere thought of dealing with tenants and all the problems that come long with that stuff made me shudder. Those annoying complaint calls at all hours of the day and night. Then there is hunting the tenant down for the rent check every month. There is also the ever-present fear of tenants wrecking my property... punching holes in the walls and letting their pets dirty all over the place.
The fear consumed me and I couldn’t think of a worst way of spending my time. How on earth would I ever deal with such horrific problems? But as an entrepreneur and determined to be successful as a real estate investor I stood strong and knew that I had to do what I had to do and I was determined to learn how to do this “Landlord” thing the best that I could.
Well as it turns out being a Landlord is like any other job. The effort that you put into it creates the results that you receive in the outcome.
Check back next Friday for some important tips I've learned over time.
Mary I. Hank, CEO for Rent Me Florida, "A Statewide Property Rental Service."
Advertise your rental home for FREE!
877-400-0354
0 comments:
Post a Comment