To landlord, or not to landlord, that is the question......

[Bill B.]

Whether tis nobler to fix and flip to outrageous fortune, or to landlord and wade into the sea of trouble.....

....my apologies to the bard........

I've seen so many references to "burned out landlords" and "it takes three years for newbies to sell out of their buy and holds" that it gives me pause. I am captivated by Brandon Turner's (did you ever notice that truncating the last letter of his name makes him Brando?!?!??!!!) seven year plan to one million......but I keep getting the vibe that landlording is a full contact sport. Then I read Ali Boone and want to pull the trigger (almost ANY trigger) ASAP after due diligence........(I already have the beach picked out!!!!!) Then I see another post about "lions and tigers and meth labs, oh my!!"

I'm not averse to work, but I am blessed to still have my parents who need increasing amounts of my time and a son with special needs.....so, my aim is to generate cash flow and be able to work it toward a part time job with the flexibility to go to doctor appts, etc.

So, what causes the burn out? Does having a cracker jack PM obviate the burnout? Or is that just another layer of hell? How does one avoid the burnout? I would really enjoy a good debate on these issues. Please share war stories. If you got out of buy and hold, why? If you are seasoned buy and hold investor and would not live ANY other way, how did you avoid burn out? (or are you just masochistic?) :-)

I appreciate everyone's time and input.

[Terry Hershberger]

Bill B,

I have been a landlord for over 10 years. I believe you have to have a system in place that takes care of the "issues" that will happen. I also believe that buying good properties in good areas is also a key to less problems. Good properties in good areas generally draw good tenants. Also tenant screening is a key. I try to solve problems before they become problems by screening prospective tenants before giving them the key. Again, you need a good system. If you screen tenants really well, you will eliminate most problems. Then all you have to do is have a system in place to keep the property maintained.