Real Estate Community Forum

I have been doing some serious thinking about buying property and becoming a landlord. However, I am having a concern because I am hearing stories from families and friends who are warning me about becoming a landlord and problems I may encounter with tenants. Can anyone share their exereince with being a landlord. I'd be interested to know what are some of the advantages and disadvantages to being a landlord. Hopefully reading everyone's stories will help me to make a decision.

I would encourage anyone interested in becoming a Landlord to take the plunge. Of course there are risks but the benefits of owning a property that is properly managed can be great. If you make a sound investment, there is nothing greater than owning an asset whose mortgage is paid down over the years with someone else's money. If you hold onto the home for long enough you may be able to sell when there is no longer any mortgage to pay off!

Make sure that you are realistic about the rent price you can get for a unit before buying. Be sure you can afford the additional monthly payment if the unit is vacant because of market downturns or if a fire/hurricane makes it unavailable to rent. This may sound outrageous but you have to be prepared. If you are inexperienced, out of town or do not have the time to oversee the property, I would highly recommend hiring a property manager.