Investment and Saving

Are You Cut Out to Be a Landlord?

By Candace Bahr, CEA, CDFA and Ginita Wall, CPA, CFP

Are you cut out to be a landlord? Being a landlord involves more than simply buying property, finding a tenant, and letting the cash flow in. Some people are very comfortable with the kinds of activities that landlords face almost daily. Others find them very difficult.

Answer the questions below to see if you have what it takes to be a landlord:

		YES	NO
1.	Do you deal well with people on a regular basis?
2.	Do you deal well with risk?
3.	Do you enjoy taking care of your own home?
4.	Are real estate prices appreciating in your area (or do you expect them to in the future)?
5.	Do you have spare cash (or home equity) to invest?
6.	Are you good at keeping records and completing paperwork?
7.	Do you have free time to spend on real estate investing?
8.	Do you have any small business experience?
9.	Can you juggle several tasks at the same time?
10.	Are you willing to do repairs and maintenance yourself or are you willing to pay someone to have them done?
11.	If the monthly expenses are greater than the rents, do you have the financial staying power to cover those expenses, year after year?
12.	If the property becomes vacant for a month or more, do you have the resources to cover the mortgage payment?
13.	Will you be able to manage the property on your own?
14.	Have you talked with other local landlords about their experiences and challenges?
15.	Will you treat this like a business, raising rents when market conditions allow?
16.	Would you feel comfortable evicting a family with five hungry children if they didn't pay the rent?

Scoring:
You get 1 points for every "yes" answer.

At WIFE we welcome your comments. Please feel free to contact us.

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