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What are the downfall for being a landlord?

I want to be one but want to know how rough is it really. And is there anything postive about being a landlord?

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mamaofficer

Asked by mamaofficer at 2:14 AM on Aug. 25, 2010 in Home & Garden

Level 31 (50,120 Credits)
Answers (10)
  • Sorry "what is the downfall for being a landlord".
    mamaofficer

    Comment by mamaofficer (original poster) at 2:16 AM on Aug. 25, 2010

  • the down falls to being a landlord would be finding good tenants
    getting rent on time.
    cleaning up after they have moved out suddenly
    eviction is costly and time consuming
    debbyp64

    Answer by debbyp64 at 2:20 AM on Aug. 25, 2010

  • If you live on-site as many do, it's hard to reside among the people who "work for" you. I mean that if you have to deal with noise or late fees or repairs or whatever it's not like you get to leave your work and go home. You are around this all the time, lol.

    Also~ when I did it I found it to be hard to homebirth, lol...

    And yah there are plenty of great things, too... it's not too challenging, you can work from home, you can schedule most of your work as you are available, you can do it all with your kids present... You get rent discounts!
    doulala

    Answer by doulala at 2:27 AM on Aug. 25, 2010

  • My dad bought some duplexes when I was younger(he's always trying to make money) It was more work than he thought. Something was always broken, he had a hard time collecting rent each month, he had a drug dealer in one apartment, when he first rented them out he forgot a very important detail, collecting a deposit! That set him back quite a bit. Anyways, he sold them after about two years so I'm sure they weren't very profitable or worth the headache, because if he would've even made a couple hundred a month I'm sure he would've stuck with them.
    Your experience could be different, though. Just do a lot of research before you commit. Good luck!
    theutilitarian

    Answer by theutilitarian at 2:30 AM on Aug. 25, 2010

  • Oh sorry you mean like being a property manager of a place that you are also renting from? My good friend does this and doesn't mind it at all. Her rent is like $70 a month. For her the worst part is would be cleaning after someone leaves(they never seem to do it right) but she gets paid to clean.
    theutilitarian

    Answer by theutilitarian at 2:32 AM on Aug. 25, 2010

  • I loved it
    four2bmws

    Answer by four2bmws at 2:39 AM on Aug. 25, 2010

  • My dad rents houses out. Since the economy bottomed out it has proved to be a painful job. People can't make rent, so he decided to accept section 8 (goverment pays their rent). And, without trying to sound like an ass, Section 8 people include a larger populous of people who arent exactly known for their good credit and payment history. Several occasions the tenants fight you tooth and nail when you decide to evict them.
    The worst case was when a woman and her son (the woman was in her 50's, her son was late 30's) broke out all the windows, kicked holes in the wall, and literally spit THE nastiest loogies all over the walls.
    stenhouse_baby

    Answer by stenhouse_baby at 3:11 AM on Aug. 25, 2010

  • when the tenant skip out on you without paying their rent
    TezMoM

    Answer by TezMoM at 3:13 AM on Aug. 25, 2010

  • The downfall are cleaning and fixing the place after people move out, getting rent late or not at all. The good thing is when you do get a good tenant you the extra income.
    Cassandre

    Answer by Cassandre at 9:40 AM on Aug. 25, 2010

  • Downfall - when they don't pay the GD rent and you have to evict them.
    Upside - rental income.
    tasches

    Answer by tasches at 3:03 PM on Aug. 25, 2010

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