Are you cut out to be a landlord

Unfortunately we are not all created equal. Some folks are not cut out to be a landlord. You must be able to handle some risk and uncertainty. This is one thing you wont read in any book or even hear at any seminar. If this scares you it should. This isnt an easy business. If it was easy then it wouldn't be worth trying it. I love this business but I have got to be honest. Every day is a roller coaster. One day everything is great and the next day you are being sued by a slip and fall victim or you have a $20,000 sewer line that needs fixed ASAP otherwise you have 20 tenants in a building you need to put up in a Hotel until it is repaired.

1. If you you want instant gratification. This is not your cup of tea. This is a marathon not a sprint

2. You need to have a contingency fund set aside. If you are working pay to pay and one thing goes wrong with your rental property or in your life you need to know those funds are there as a safety net. The stress will kill you. Literally.

3. You need to have a proper team in place and the proper insurances. 

4. You should not own property in your personal name if at all possible. If you have no real assets then I guess at the beginning its not so harmful but once you start to accumulate wealth you need to shied those assets by forming an LLC or Corporation etc...Any attorney will tell you the same. Most will insist regardless if you are big or small to start the LLC before entering into your first deal.

5. The laws are in the tenants and consumers favor so if you dont have patience and dont understand that the way things work on the lease and the way things work in real life are not the same then you are in for a rude awakening. 

There is so much to learn therefore I preach quality not quantity and look before you leap mentality. Yes you ultimately have to take the leap of faith but be smart and educated about it and surround yourself with good people, a good mentor and a good team.