With the shift in the real estate market here in Salem Oregon, making it harder to sell homes, I am being approached more by sellers unable to sell asking about renting their home.
While this might sound like a great idea, being a landlord is not easy. You need to ask yourself, “Am I landlord material?”
What is landlord material?
- You are generally an organized and detail oriented person. You have to run credit reports, background checks, check references, collect rent, etc. This is not a job for the disorganized person.
- You can some general repairs yourself. You can save yourself a lot of money if you can handle some basics yourself.
- You have the flexibility to respond to your renters. If you travel constantly, you are not landlord material.
- You don’t have a problem with conflict. No one likes taking the hard stance, but this is a business transaction. If you are a doormat, you will lose money and have a damaged property in the process. Evicting a tenant is part of the process. If you can’t evict someone who doesn’t pay you rent, don’t get in the game.
- You have the time to read and understand Landlord Tenant Laws. Pretending they don’t exist and saying “but it’s my house” won’t bode well in court.
Being a landlord is time consuming. If you are not willing to spend the time, hang on and sell your home instead. If you need some help in making this decision, please call for our consultation services. I can help.