Does anyone have tips for becoming a landlord? The idea of passive income sounds nice, but I know that there’s way more that goes into it that I’m not considering. Thanks!

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Good tenants are hard to come by. Also the first thing is you need some rental properties to get started.

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Hi. So I had a rental for three years. Just sold it. My absolute saving grace was that they knew my brother and the guy was in the army. You need to consider a few things as priority. 1. You have to update your homeowners insurance to cover renters and possibly your city and state to identify the property as a rental and not a primary residence. 2. Insuring basic house stuff. In some areas the utility company offers a home warranty. These can be a great value. Consider including electric in the rent and adding the warranty and it’s almost like having a prop management company on your side. 3. Be kind to your tenants. My second year with my tenants who had been great, I waived December rent and said merry Christmas. They were perfect the following year and in fact extremely helpful in helping me prep my home for sale.

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How much did you profit during those three years?

Good tenants are hard to come by - but being a landlord for my tenants has been a really good time. Make sure you have everything documented and signed (move in/move out inventory sheet, deposits, HOA fees, community rules etc) and don’t be afraid Of over communication! Ideally you should only speak to your tenants 2-4times a year at that!

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Reading some of the questions here about people's issues, (wanting to break lease early, roommates who don't take care of the apartment) should give you some insight as to dealing with tenants. And consider that the people here are probably some of the more responsible tenants.

Imagine dealing with all of this 10x.

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Biggerpockets.com

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It’s the worst.

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