So you want to be a Landlord? Tips for Success: Tip #1: Know what your getting into! It's not "passive income"!

I get a number of calls from folks who are either thinking of becoming Landlords or find themselves "accidentally" becoming landlords. I thought it might be helpful to go through some basic advice to help folks navigate through. Tip #1: Know what your getting into! It's not "passive" income. As mentioned, quite a few folks become accidental landlords, not realizing what is entailed or believe that it will be a form of passive income. Shortly thereafter, they are contacting my office. So, the first and most important thing to know is that there is nothing "passive" about being a landlord. It is a full-time job. Before you rent that first property, you need to realize that you are stepping into a job that can easily consume a large portion of your spare time. A house is one of the biggest investments a person can have. Make sure you realize that you will be spending a lot of time protecting that investment. Join us next time as we look into what you need to do after you decide to become a landlord.