Are you a DIY Landlord? That’s someone who wants to be owner and property manager. How do you find it? Do you love it, or do you hate it? Be honest. There are a lot of landlords who, even though they love having the long-term investment, hate the work that is involved to keep their investment viable.
So what are some of the most common things that landlords hate?:
Volatile Interest Rates
If you haven’t locked in a 30-year loan and you have an ‘interest only’ mortgage then the changing rates can make budgeting an issue. Especially if you are ‘close to the bone’ in terms of a negatively geared property.
At the Mercy of Tenants
You need tenants to pay your bills. Which means you are at their mercy to pay their rent on time. Chasing rent is a frustrating task and you feel like you are a debt collector all the time. But you do have to suck it up and realize that being a landlord does mean unpleasantness.
If you have a controlling personality and you live at the mercy of your tenants, you probably will have many sleepless nights – because you can’t control what your tenants do. You rely on them to:
- Pay their rent – on time
- Keep the property in good condition
- Play nice with the neighbors
Not all tenants do this, and it’s hard when they don’t.
Yip, it’s 24/7
Most tenants will not choose to call you at 3am to report that there is a crack in the tiles. But you are on call 24/7. If there is a burst pipe, a fire or a hole in the roof, then you are going to be the first person they call. So if you had plans for New Years Eve, you might want to have a back up plan in place.
Being a home owner is a big responsibility, but being a landlord has extra stress. You need to be aware of changing property and tenancy laws, keep up with the maintenance on the property and the happiness of the neighbors surrounding your property. It’s a big job, can you do it?
Losing Good Tenants and then finding Excellent Replacements
We know finding the right tenants is the key to a being a successful landlord. The right tenants are long-term, pay their rent on time, they look after the property as if it were their own and they make good neighbors. So when you lose the good ones there is a bit of a mourning period. You know it takes a lot of work to find the right ones and making a bad decision can cause years of heartache.
Are you a People Person?
Do you like people? The good that’s a start. If you don’t like dealing with people, then being a landlord is going to be hard work for you. You need a lot of patience and tenacity to be a successful landlord, and if you don’t have it, then you will need to cultivate bucket loads.
Things break. Fact of life. You need to fix things, so either improve your DIY skills or have a great contractor on hand to fix things. It’s a pain to organise a time to fix things, it’s a pain to pay to fix things, it’s just frustrating all round. But it’s part of the deal.
Do you agree with this list? Would hearing the stories of miserable landlords encourage you to use a reputable property manager?