Some people are great landlords and are able to build a decent amount of wealth through this business. Others are poor landlords and eventual lose their reputation, their financial security or both. Obviously, if you’re going to venture into the landlord business you want to belong to the first category. To do this you need to approach the venture with the right mindset and the willingness to work at it.
Start your venture by being realistic. Don’t expect to make it rich immediately and with little effort, like most things in life, success takes time and effort.
Do your homework on all fronts from finding the property to finding the tenants. It’s a business proposal and there’s really no room for gut feelings ore speculation. Make wise choices based on information and facts.
Be fair and firm with your tenants and employees. Treat everyone in a fair way but don’t be too flexible with the rules as there could be financial and legal implications. Make an effort to keep open all lines of communication and respond promptly.
And be willing and able to handle as much work as you can by yourself. This isn’t to say a sub par job will suffice, but fix everything you can to save yourself some money. This also keeps you in touch with the property and the tenants. It shows you care.