The Joys Of Being a Landlord

  This is an exciting and somewhat scary time. Now that you have closed the deal, you are getting ready to find your first tenants. That is, assuming that you didn't take on existing residents. If you purchased an occupied rental, you may be benefiting from the efforts of the previous owner. That can be a blessing as long as you are comfortable with the current arrangements. If you are like many new landlords, you will be going into the units, cleaning them up with a fresh coat of paint & a few repairs and getting them listed as soon as possible.

As you know, taxes, mortgage payments and even utility costs don't take a day off and expect you to service them regardless of whether or not your units are occupied. So you post your ad & start setting appointments to meet perspective tenants. Sounds simple enough right? This can go quite smoothly or it can be filled with obstacles and roadblocks. One of the most common routines is when you take a call from an individual looking for a place to rent. You set a time and head out to meet them at the unit. You wait, and wait, and they don't show up. Why do tenants do this? Maybe they got lost or maybe they had to work late. Responsible tenants will likely call to cancel an appointment or let you know if they are running late. The others just simply do not respect the fact that you have made an effort to accommodate them. It is just one of the characteristics of the undesirable renter.

You will no doubt have an opportunity to enjoy the many other frustrating challenges faced by landlords. The tenant that forgets that they actually have to pay rent, the tenant that moves into a one bedroom apartment one month and then moves 3 of their friends in the next, the cat lover that isn't aware the litter must be cleaned to prevent an overwhelming odor and the list goes on. But don't give up! There is hope. Sooner or later, you will be blessed to accommodate the polite, clean and responsible person who is quite grateful that you have given them an opportunity to rent the apartment.

If you ask someone with many years of landlord experience their opinion of the job, you will surely hear the stories of going to court, repairing damage and general stress from tenants. You will also hear about how they have made lifelong friendships with some folks and have had an opportunity really help some people in times of real need.

Overall, the experience of being a landlord is mixed. There is no fool proof method of avoiding those who would seek to take advantage of you. All you can do is check tenants out prior to renting to them, make sure your paperwork is in order and listen to the advice of experienced property owners. Their wisdom is priceless and their instinct is well developed. These days, it appears that the tenant often has the upper hand over the landlord when it comes to disputes. The good news is that with more communication in the landlord community, owners can be better prepared and likely avoid those tenants that wish to manipulate the system.

Do you have a tip for new landlords? Perhaps you have a suggestion for tenants that will make the rental process easier on both groups. Share your ideas and experiences with us. The information you provide is not only interesting, but also vital to the cooperation of landlords and tenants and the success of the relationship.