Lessons learned and misconceptions about landlords and tenants. I've mentioned this before but if you're considering being a landlord. Run away! RUN AWAY!
- A landlord must be rich - This is the biggest misconception that I run into. A landlord still has a mortgage, still has bills and still must make repairs. There is no "rich" in landlord. Unless someone has many properties or a spouse/significant other to support them, many landlords have 8 to 5 jobs.
- Somehow tenants think a landlord doesn't really need the rent- See #1
- A landlord isn't greedy is they charge a late fee- We enter into an agreement called a lease. Whether it is month to month or a years lease, there is an agreement that the tenant pay rent and if not, there is a late fee. It's not greed. It's part of the agreement.
- A tenant may think it's none of the landlords business what the tenant does - The landlord hopefully has an interest in their property and it is completely their business. Until it come to tenant to tenant disagreements.
- A landlord is not a parent or referee that needs to keep the peace between tenants. You are all adults. Grow up. See #4 and don't get the landlord in tenant to tenant disagreements.
- Landlords shouldn't think that people think like you do. This is a tough one for me to get past. Not everyone has the same belief or ethics or cleaning habits that I do.
- Some people don't mind living with roaches. This is not something I can understand at all. See #6
- Some people have no problem living in a house they aren't paying rent for. Somehow they think they are victims and they are owed.
- It's a good tax write-off. The interest is deductible and the other expenses are deductible as well. This doesn't mean bad money decisions can be made.
- Most of the time the rent covers the mortgage for rentals. Depending on the mortgage and the rent amount that is a true statement. However, if the place is vacant, you need to make your mortgage payment regardless.
- Sometimes tenants trash the house and cause more damage than the deposit covers. Not much to say to this very true statement. See #4 and #6
- Rules are made to be broken is not something a landlord needs to follow. Set your standards and stick to them. It's not a popularity contest. The tenants don't need to like you.
- Give the 5 day notice (or whatever the first step is for eviction). See #12.
- The check isn't in the mail.
- Don't give them another day. You may reason that that it's only one day or two days but don't fall for it. It's a stalling technique and you can also change your mind and be a nice person later.
That's enough venting for one day. I think. Where's my wine to go with my whine?