In our last post, we discussed how much easier being a landlord would be if a property maintenance company was utilized. We talked about outdoor lighting, snow removal and sprinkler system maintenance and how your New Jersey rental properties would benefit. You have been thinking about buying some rental properties and becoming your own boss. But before you take that big step forward, you should see if you are landlord material. Some people have the personality it takes to be real good landlords, some do not. Here are a few traits every good landlord might find desirable.
Jack of All Trades
If you love doing things like painting walls, fixing toilets and other minor tasks, then you might be a very good fit. There are some people who really enjoy doing these tasks while others hate to even look at a hammer of other tools. If you are the latter, perhaps being a landlord is not in your blood.
Plenty of Spare Time
Since you will be responsible for minor disasters like clogged toilets and broken doors, you need to have the time it takes to get these things fixed. If you are on a tight schedule for whatever reason, it will not correlate very well with the things you have to do as a landlord.
Difficult People Difficult Situations
Being a landlord means that you will have days that you will have to deal with difficult situations. It could be a tenant with a major complaint or something expensive that needs to be fixed, but it will happen. If these type of situations are not handled the right way, they can escalate into something far worse. So you must be able and willing to deal with these types of situations if you are to become a landlord.
The old adage that it takes money to make money holds very true in this industry. It is a generally poor idea to borrow money to buy rental properties because of the financial risk it will introduce in your life. In addition, you will need capital in order to make needed repairs and cover expenses even if you have a few vacancies.
As you can see, it takes a certain type of person to become a landlord. Are you landlord material?