So the numbers I showed you from part two for what I would need if I was to rent out my house.
Again, this is the magical $30,000 a year just without starting with a million dollars first.
What people don't talk about is that until that money is in your hands, it is not and will not ever be a guarantee.
There are many landlords who talk about that money as if it was a guarantee and it is a very dangerous mindset to be in. This is how debit and foreclosures happen.
During
the plague there were a whole bunch of landlords that not only thought
this but demanded this while also telling the renters that they were
going to be evicted. Thanks to that type of landlord there is a great
deal of justified broken trust.
At
an old job one of my coworkers was also a landlord. He would not send
that current years rent until the following year. He treated it as
interest from an investment. He also still have a full time job. Why? to
cover his existing mortgages. His house was paid off. He had at least
one other property paid off. He did not consider the next months rent as
already in his pocket because he was fully aware that life could happen
at the worst times.
I would have loved to have heard him making fun of all the terrible landlords that were crying about their renters leaving them because they jacked up the rent too high & were verbally abusive so now they couldn't afford their own mortgage OR the mortgages of their rental properties.
Are there terrible tenants? I have known a few but they were always justifying their actions because the landlords were being horrid to them. If they hadn't had that opening they could have been shamed into caring. Mostly they just didn't pay the last month and used the security deposit as their last months rent. Not the best but there are details and horrid landlords.
Also, landlords are not ever able to go into tenants mail because that is 100% mail fraud and USPS will go after them.
This is to say that having a rental is not for the feint of heart or the cruel of mind. IF you are still thinking about it then a property management company is what you want to have. A lot of people don't realize just how much renters think you can control the companies. But you do want to listen to them because they will have the most contact. You don't want a company that drives away your renters.
Think of the rental properties that you see for sale on sites like zillow. They are mostly listed by people that don't want to be landlords anymore. One would hope it's for good reasons but most are probably landlords that are just burned out and can't be bothered.
It could be a grandparent that just is too old or they passed away and it is easier to sell then fight with family on who gets it.
It could be a a married couple and one of them landed a job that needs them to move and being an out of state landlord is not something they want to deal with.
It could be that a new landlord has 'graduated' from a smaller property to wanting to focus on larger ones. Which are easier for them to get cheaper loans for.
A divorce of family feud can also cause problems.
Many seem to be stupid landlords that think their tenants money is theirs and as such planned out non-refundable trips and done other things to spend the money that they think is theirs. This is a very fast track to bankruptcy. Many of them are the type to try and evict people during a plague. They think only of their own benefit and fail to see how no one has to put up with that.
Please don't be like that group.
