Being a landlord is no easy task, no matter how many articles you find about the allure of passive income. Sometimes it’s impossible to fill a vacant property, sometimes a tenant is a nightmare and your state laws make it tough to evict them, and sometimes you get stuck with a lemon of a property that you’re constantly fixing. However, when landlording is done right, it really is the American dream come true. But is it your American dream?
Becoming a landlord requires a huge investment and a lot of risk. It’s not something to jump into lightly, unlike other entrepreneurial pursuits such as blogging that has little required investment (beyond your time, of course). If you’ve been thinking about becoming a landlord, check to see if you share commonalities with successful landlords. If you do, it might just be the match you’ve been searching for. [Read more…]