“Landlording and long-term investing go hand-in hand. Being a landlord isn’t for everyone, but if you have the right personality and decision making skills then it’s a snap.”
I love the sentences above. It pretty much sums it up. Being a landlord is not for everyone. In fact, being the owner and hiring a property manager isn’t for everyone, either. But that’s okay. We’re talking to those that see the purpose and vision of using real estate to build wealth and a Retirement Worth Having.
Landlording takes patience. Being a rental property owner also takes the ability to think quickly on one’s feet. It takes the innate ability to know when you are being lied to. And to know when someone needs a chance. You have to be both cold, and human.
One of the best books I’ve ever read regarding the subject is John Schaub’s Building Wealth One House At A Time. Chapter 13 tells you pretty much all you need to know without actually having gained the personal experience yourself. And yet when I recommend it to people they say “Cool” and then never buy it or read it. Why?
I digress. The managing rental property aspect of real estate investing is what scares away most would-be real estate investors. They are afraid of making a mistake with their tenants. Or afraid the tenants will burn them. Not pay them. Tear their property up. They can make you list after list of things that can go wrong. And no doubt, they can.
But for those willing to learn, willing to believe in their current and/or future people skills. Willing to keep reserves “just in case” and willing to act on their convictions, real estate investing can lead to wealth untold compared to other vehicles. It’ll kick your 401K’s ass right down the road.
If you are good at second-guessing yourself you may have a problem. Sure, the grass will always be greener somewhere else. Browner, too. Pretty soon you just have to decide to make wherever you are the best place to be.