As a landlord you will have a lot on your plate. You will wear many hats, and will take on responsibilities ranging from collecting payment to making repairs. But the extent to which you take your duty as a landlord is up to you. Some landlords decide that they only want to be involved with the investment part of the deal. Others not only want to buy an investment property, but they also want to communicate with tenants on a regular basis. There is nothing wrong with either option, or something in between.
There are both pros and cons of being a do-it-all landlord.
The number one benefit of doing it all is that you will keep the majority of your profits. You do not have to pay a property management company, or hire professionals every time a small job needs completed. Instead, you can take on all of these tasks and keep the majority of the money in your pocket.
Another benefit of taking on every duty is that you can learn a lot about what it takes to become a successful investor/ landlord. In fact, it is a good idea to do-it-all with your first property as to get a better feel for what it entails. In time you may decide that you have too much on your plate, and in turn outsource some of the work.
While increased profits are important, you must realize how much work goes into being a full-time landlord. Do you have the time necessary to handle every detail of this job? Will you be able to make repairs in a timely manner? When it comes down to it, the biggest drawback of being a landlord is the time constraints. You have to ask yourself what is more important: money or time. If you don?t want to shake up your whole life you may be better off hiring outside help when need be, and taking care of the core duties on your own.
Which type of landlord are you? If you are just getting into real estate investing you should study the pros and cons above to get a better idea of how you will act as a landlord.