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Three Telltale Signs You are Not Cut Out to Be a Landlord

Jun 15, 2023 | Rentals

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The idea of purchasing a property and having renters can be an exciting business venture that offers lucrative financial rewards. However, there’s a lot involved in being a successful landlord and it’s important to be aware of what’s required before making the commitment. Whether you’re investing in one rental property or five, here are some questions you should ask yourself before getting involved.

Can You Do-It-Yourself?

There’s a lot more to being a landlord than taking the rental check, and one of these things is being there for the tenant when push comes to shove. If there are issues with the heating or the fridge breaks down, you’re going to be the one who has to facilitate or complete the repair, so you’ll need to have the wherewithal to fix problems effectively. While there are many situations where a repairperson can help, having some DIY skills goes a long way towards turning a better profit.

Do You Have The Time?

Weeks and even months may go by where your tenant requires little to nothing from you, but if you own an older property or have several renters, even maintaining the place can get to be quite a bit of a chore. It can be a good expenditure to have a contractor take care of these issues, but you’ll still have to use your time to find the right person and oversee the budget. If you already have a pretty full schedule, being a landlord will add a lot more to the pile.

Can You Deal With The Risk?

It can be easy to turn a profit if you have a renter, but if you happen to own property in a vacation area or a community on a downturn, it may be more difficult to find renters consistently. There may be periods of time where tenants are scarce, and this means that you’ll have to be comfortable with financial instability in order to weather the storm. While the moneymaking months can make up for the off-season, if you doubt your ability to take on the financial risk, this may not be the right choice.

If you are considering selling your home, be sure to contact us at (616) 805-9696 or email us at joel@jtkpropertysolutions.com so we can provide you with a Fair Cash Offer on your Grand Rapids house.

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Recent Testimonial

  • D T

    Great to work with JTK! The team communicates well and keeps everyone in the loop. They helped out and got the work done. They really help people out of tough spots and offer other solutions when not a good fit just to try and help. Joel and his team know the market and are extremely professional.

  • Courtney Van Horn

    Honestly, there aren't better people in this industry. Amber and Joel communicate very well and work so hard with their clients to ensure a smooth transaction. They are genuine people who understand real estate and all the good and bad that comes with it. 5/5 would highly recommend!

  • B Stewart

    JTK are awesome to work with! I purchased my very first investment property from JTK and they were great. With it being my first, they were very helpful and patient thoroughout the process. Amber even followed up after the purchase to see how things were progessing. I am certain we will do business again!!!