Cut Out to Be a Landlord

Here’s a hard pill to swallow:

Not everybody is cut out to be a landlord.

Yeah, that’s right.

I said it.

Some people were born to landlord. Their personality fits with landlording like … like … peanut butter fits with jelly. (Lame analogy, I know. But who doesn’t love PB&J?!)

Other personality styles, however, might be better suited in a different field.

Are you cut out for this job?

Let’s find out. Here are the top five qualities that every landlord needs:

1.Decisiveness.

Being a landlord is often an experience of “hurry up and wait.”

Months will stretch by with relative peace and quiet. Nothing will happen. Checks will roll in, and life will be grand.

You’ll feel as peaceful as a cat napping in the sun. Zzzzz.

Then in the blink of an eye, fate will turn. Your roof will collapse, a tree will crash onto your driveway, and you’ll have to file a nasty eviction. Hey, and did a fire just break out in your basement?

Suddenly, you’re in crisis control mode. You have to act quickly, make decisions swiftly and put out the fire (sometimes literally.)

2. Peace with Financial Volatility.

Landlording is a financially volatile experience. When your units have full occupancy and you don’t have to deal with any major repairs or maintenance tasks, you’ll be riding high.

In other months, however, you’ll get hit with a spate of expenses …. all at the same time.

You may need to replace the roof, water heater and windows, all in the same month.

You’ll simultaneously need to foot the mortgage bill through an extended vacancy.

Oh yeah, and in your personal life, your cat’s sick. She ate a PB&J sandwich. Now you need to pay an expensive veterinary bill.

Success as a landlord relies in large part upon your emotional strength to deal …read more