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Are you ready to be a landlord?

Are you cut out to be a landlord? Own rental properties, deal with tenants. The calls, the repair bills, routine maintenance, market fluctuations, renter’s insurances, and many more very real things you’ll encounter on a daily basis being a landlord. Are you considering becoming a landlord? Do you want the warm and fuzzy version or straight talk?

Being a landlord can be a very good experience long term, if you can hack it. It’s not for everyone, but many do it and have done it for years. I would imagine it goes back as long as there has been ownership of property, or property rights. If you do buy a piece of property and choose to “rent it out”, you loose not all but some rights to the property during the time the tenant is occupying the property. For instance, if you wanted to take a look at the condition of the property maybe after a big wind storm or heavy rains, you would have to give sufficient notice, normally 24-48 hours prior to entering the dwelling. If you have permission from the tenant you normally can do it sooner, but technically that how it’s done.

Another problem I’ve encountered, something breaks and the tenant doesn’t let you know. For example, an upstairs bathroom sink has a slow leak. If something like this goes on and isn’t corrected it can cause a significant amount of damage. If this is left go for several weeks, or maybe until they see a major puddle on the first floor, it will cost you time and money.  Unfortunately some tenants will treat your property less than perfect. Be sure to make the tenant aware that you’re happy to hear from them for repairs. Some tenants feel they’re bugging you, others just don’t care and won’t call until the issue is ruining something they own.

Pest control, that’s always fun.. Roaches, mice, fleas, stinkbugs, rats, are all pest problems you can count on if you get into owning several units. Another growing issue is bedbugs, which I have not encountered yet. For example, you have a beautiful remodeled house, pest free and ready for your new tenant. They move in, all is well, but unfortunately they had roaches where they use to live and didn’t tell you. They have since moved all of their furniture from the old house, into your remodeled property and they existing eggs hatch and those little buggers scurry away to the best hiding place to create more. You now have a problem that you better get under control quick, or they’ll take over which will cost you months of time, loss of rent if the tenant leaves, and potentially property damages.  My best suggestion is to call an experienced exterminator asap. I would recommend Dominion Pest Control and Exterminating if your in Lancaster, York or Central Pennsylvania

Thanks for reading, I’ll be sure to post more insight for new landlords.