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INTRODUCTION First of all, being a Landlord is relatively simple. You have an unused room, basement, garage that could be rented as a living space for extra income during these difficult times. (Perhaps, you were fortunate enough to keep that first house you bought at a great price or got in a divorce settlement - before you bought your current home.) Your partner has been suggesting for some time that this might be an opportunity for extra income. OK, you finally resolve to go ahead with the idea- but how to start and what to do? We have been Landlords since the late 1970s. Our parents were Landlords before us. Our brothers and sisters are Landlords. We have seen it all; we have heard it all. We have owned: tenant managed apartment buildings, apartment buildings that we lived in and managed ourselves, duplexes, triplexes, single family houses, and we have even rented parts of our own home. My mother saw a great opportunity and rented rooms, by the week, in Seattle during the 1962 World's Fair. Currently we own a rental management company- I mean we own it- other people do the work and we reap the benefits. Being 50 something, we like to say, “we’re retired, but continuing to build wealth.” We did all of this while working at full time jobs. Even though it isn’t that difficult to become a Landlord, most people give it up within one year. The reason is: they were unprepared for the problems with Tenants. They didn’t mind the fixing up of the rental unit. They didn’t mind the painting, cleaning, whatever work was needed, etc. Landlords are ambitious people. Where they went adrift was dealing with the Tenants. OUCH! Let us begin by stating that there is an adversarial relationship between Landlord and Tenant. I am sorry, but this is the truth. The tenant is angry that they don’t have the financial resources to own their own home/condo. They are ticked off that you have succeeded in such a way as to own your own home and still be in a position to rent to them. It feels like they are under your control (and to a certain extent, they are). Next to lawyers, Landlords are the most resented group in financial society. But still, both are a necessity. REALITY- everyone rents at some time in his or her life. Landlords, like morticians, always have an abundance of clients. So, now you know. Still want to become a landlord? Keep reading… If you are the Donald Trump type: you have been doing great on your own and don’t need us. If you are in the market to buy rental property: our material will be of great benefit to you- but remember the first rule of real estate- LOCATION, LOCATION, LOCATION (that advice is free and public domain). If you are just getting started: we can help make being a landlord so much easier- and as a result- successful. Remember Landlords-to-be: the money meter is always ticking. This is one job where you don’t have to “mind the store”. Why are we doing this? Despite all of our success, we are still ambitious. For years, we have been giving our advice and documents away free to friends, family, and many a person that starts picking our brains the moment they find out what we do. Admittedly, we are on the side of the Landlord. So, yes, why not make a buck on our decades of educational experience? We are not entirely philanthropic - as a Landlord, neither are you. Welcome aboard the gravy train. Contact Information : Email: Elaine Jenson E.J._PropertyManagementConsultants@q.com Classes for Rental Property Management Certification available. (c) PROPERTY MANAGEMENT CONSULTANTS, INC. |
