When we became landlords, we expected to make $400 a month above our mortgage payment, but we ended up losing money. Our tenants were frequently late on their rent, which meant we couldn't pay our mortgage and got hit with fees.
We decided to move out of our house and into a smaller, cheaper apartment — our rent was $1,090 — to save money. Renting out our house seemed like a smart idea: It was in a popular neighborhood where rentals were in demand, and we would live close by to take care of any issues that came up. Of course, we interviewed them in person and had them fill out an application. We even called their references. What we didn't do, though, was check out their finances, including their credit scores.
My husband and I both lean toward over-accommodating, which made confronting our tenants about their consistently late payments really overwhelming.Our tenants still lived in the house when the time came to sell, and to say the place was a pigsty during showings is an understatement., and while we sold at the height of a seller's market, we didn't make a dime on the sale.
Make sure they know the garage or shed is your “shop” where you have a hobby business. Tell them if they are late on the rent, you will have to make more (whatever) to sell to make up the shortfall. So you’ll be in the shop “late” working if the rents late. Power tools are loud.
You want to develop a hate for humanity... Become a landlord.
Debt & leverage- avoid it like the plague!
If you didn't know there was a risk of 'late' payments and that you should have at least 3 months of rent always in escrow then yes, you are far too stupid to be a landlord. Try hopscotch
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