Assuming you manage your own rental properties,...Do You Enjoy Being a Landlord?

If you don't enjoy this profession, what prevents you from selling everything and doing something else ?

I enjoy most of it. I dislike screening the most, but have streamlined it pretty well. Most everything else I enjoy though.

LLing has it's moments but the big picture is freedom (Brad). I wouldn't change a thing, and it's one of the best ways to build wealth.

Like everything else 90% of the problems are by 10% of the people.

So I would say 90% of the time.

When people who aren't landlords ask me this I usually respond "when it's good, it's really good, but when it's bad, it's really bad."

I've been a LL for 30 years, and the properties have been 'mine' - not my spouse's. I have done 95% of the work on them.

There were times that the sound of the 'landlord phone' ringing instantly gave me a stomach ache - i HATED it. But I hated investing my money in the stock market even more, so I stuck to LLing.

I can't think of anything that I would rather do which I could get into now.

It would be interesting to sell everything and wake up with nothing to do. I can only imagine what that must be like - very interesting to think about it.

For me it was about working for myself. I used to do gourmet chef work in Cali and New Jersey. Working in a 120 degree kitchens pulling 10-16 hour shifts daily while I made my boss rich.

When I would start a job and my boss would me driving a 15 year old minivan, After I worked there a couple of years he would have a Porsche and a Landcruiser. I got real tired of making other people wealthy while I went sideways.

I cashed in all my chips, borrowed the rest and started doing real estate full time. To me what I do isn't work. I laugh sometimes walking through Home Depot like heh I'm working right now, I guess.

After spending 20 years of working in the corporate America rat race, LLing definitely has more good days than bad days. Towards the end of my corporate career, there were days I "hated" going to work. I worked for a company that was deeply entrenched in "offshoring" as much work as possible to help the bottom line margins.

A bad day LLing is still better than a good day in the corporate world.

A trademark Roy post! Love these! Keep 'em comin'.

In answer to your question, "Yes."

I do enjoy land lording. When I began, I had a job paving highways. I enjoy land lording much more.

I love the first of the month. I love February because March comes in only 28 or 29 days.

My wife and I have been land-lording for 45 years and married for 46. One morning at 4AM, before we both went to our day jobs, we were grouting a kitchen floor for a 9AM move in. I told my wife "the couple that grouts together, stays together!".

My mentor suggested single family homes instead of apartments and that's what I did. I currently have wonderful tenants but I have had some real scum bags but those scum bags did help me buy my houses. You learn from your mistakes. Land-lording put my kids through private colleges and provides us with a more than comfortable retired life style.

Do I enjoy being a landlord?

Not yesterday afternoon when I learned a tenant had taken off five months into a lease.

Why don't we sell this property (Bill asked me that last night)?

I told him "who would be stupid enough to buy it?"

When I felt a bit better I looked at this logically. Except for cleaning the oven (I ALWAYS have to clean up the oven), carpet cleaning, lawn mowing and some touch up paint where their rotten little boys dirtied up my newly painted walls they left the house is pretty good shape. Stole the curtains but that's par for folks who make a run for it (and I got a bunch of cheap curtains I'm trying to get rid of anyway).

Carpet cleaning is set up for next Monday and by Tuesday it will be up for rent again. And I've got their security deposit and pet fee.

And for good measure I file for an eviction on this couple because it's cheap for me to do so in my county and because I'll never hear from them again but it will give me a nice warm feeling in my tummy that such a judgement will end up on their credit history. And thus it begins again.

One thing about landlords. Many always seem to bounce back even when dealing with low life folks who think that running out on a lease is the end of this.

Oh yeah, it's the rent money from those tenants who do pay that's nice (all our properties are paid for).

For the most part yes.

I hate when things go wrong for someone (AC breakdown in summer, broken refrigerator etc...). I hate being lied to. It seems even the best of tenants lie.

Why not sell? Owned too long and would be hit with taxes. Nowhere else to put the money and get anywhere near the return. There is a huge demand for quality rentals in my area so there is guilt in taking one out of the market as well.

Good morning Roy! Bon jeur, I'm retired, So I don't understand Compre your comment. Just got up at noon. It is a few minutes before 3p.m. I worked in construction most of my life ,7 a.m. To 3.30 and the comraderie and work went hand in hand, so it never seemed like a job.as some people here were burdened with. Got into landlording on the side, also went into work,hand in hand.. Took time off when we wanted to. Laura life is too short to wait. So Sid, catch you on the rebound.Charlie....... ......

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No.

I'm a Property Manager.

I manage people, money, repairs and all of the other

crap that goes with it.

It only becomes work when I would rather be doing

something else.

I go thru swings of high and low. I know all the rules by now, all the tenant tricks, and seldom have tenant problems like I used to, less damage than I used to have, and get more money now than ever before. But something ugly is always rearing its head, needing attention/handling. And unlike a reg j-o-b, you never get to turn it off at 5pm (or whenever) after which your time is your own. With LLing, it is always with you. That is the only part I dislike.

This is a job. BUT it's a WAY BETTER job than others I've had, MOST of the time.

"With LLing, it is always with you. That is the only part I dislike..."

We like the responsible feeling of being landlords. There is a sense of accomplishment knowing that you are providing housing at a fair price. When you know that in educating/disciplining a tenant, you have struck a balance by not also screwing them over. You are able to become a landlord and stay a landlord by being responsible. Not many would take it on, or be able to maintain it for sustained periods of time. Raise your glass to all of those who have been able to do this. TO THE GOOD LANDLORDS.

I feel so blessed to be able to help others and help myself at the same time.

I enjoy it. I like taking something decrepit and broken, and helping turn it into something unrecognizably nice. I like saving houses from the bulldozer, and I take pride in the fact that we're bringing in nice places to live into our poor, rural town, even if it's just one house at a time. The fact that it will fund my retirement, and fund the kids' college, is the cherry on top. In the meantime, there's a whole lot of delayed gratification while everything gets turned back into the next renovation, but it's worth it for the big picture.

There are a lot of great responses here. I am happy that everyone here enjoys this business.

Sean! I laughed so hard at your post because our kids, especially our oldest daughter, are the same way. They hate going to "the props". I don't think any of our kids are going to be LANDLORDS. But, at least our oldest daughter at nineteen years old,is interested in buying her own house. She already has an idea of how to do it and might never have to be a renter. So, she got something out of all of these years!

Sean! I laughed so hard at your post because our kids, especially our oldest daughter, are the same way. They hate going to "the props". I don't think any of our kids are going to be LANDLORDS. But, at least our oldest daughter at nineteen years old,is interested in buying her own house. She already has an idea of how to do it and might never have to be a renter. So, she got something out of all of these years!

Good question!

I don't enjoy screening,the ever-increasing legal hoops, or getting calls about leaks (I really hate plumbing).

I do enjoy the positive cash flow and the learning process. I was a stay-at-home mom for years, and handled the rental biz for most of that time. Doing that gave me some props to the old self-esteem, and the opportunity to develop skills in a lot of areas - most especially in investing and research into tax-effective strategies.

Wife and I were tenants a long time ago. We like being the LL much better and we really enjoy tracking the equity in our properties. We are doing pretty well on paper.

I have recently had issues collecting rent on time. I filed eviction and went to court a couple weeks ago. Tenant ended up paying all back rent and $910 in legal fees. A very expensive lesson. I doubt I will have a problem after this.

As long as rent is on time and property is well kept, I am very happy as an LL.

Like it most days, love it some. Bought my first property in 2012, after reading tons on this forum. (Thanks, y'all.) Took a long time to rehab that first one; had a whole lot to learn. I view mistakes as 'learning opportunities', and I had a lot of opportunities. *grin*

One of my favorite things is people's reaction when they see a gray haired grandma hauling a toilet in a house, replacing a window, or rebuilding a porch. Props to the women who've been doing this for years.

Being a landlord has its moments.

I truly believe that it is a only valid bail out for main street. Where else can you go into debt and just hand the bill off to someone else to pay off?

That said, yesterday I had a flooded basement and a bad hot water tank because of it. There are challenging days that you will not hear about when you hear that 2 AM infomercial.

The beginning was no fun at all. Broken down three unit that I worked on for two years nights and weekends. Took every dime I had.

Now, 12 years later I have 45 units and still work full time. I have an employee just for the rental units that does the fixing, painting cleaning and appliance swaps. The money is better and that seems to make it a lot easier.

I like it 90% of time.

I don't like screening and legal worries.

Impossible to get cash on Cash and total return that can compete.

I keep debt at around 50%. Always try to have a couple places with no debt.

plan on selling a couple of my 11 units to help plug college for daughter.

I work about 20 hrs a month on average. When ever I think about selling I go back and look at long term returns and my tenants paying of my properties.

Today I got an email from a current resident. It is 60 days out from the end of her first lease. She contacted me to say they want to stay, what happens next?

She commented, "When I first saw that 14 page lease I thought you were crazy, but you have been wonderful Landlords and we appreciate both of you so much."

THAT'S a good day.

I found some new residents for a place where lease is up end of month. They are flexible on move-day as they own an RV and have lot rent paid up for a few months, and it's parked on the water.

Asked the departing tenants if they wanted more time, they gratefully said yes (moving to a new house so punch lists and such are on-going!) So yay - two residents happy and the house is rented (picking up lease tomorrow knock wood.)

Incoming tenant works with and is friends with another of residents. Said she asked about us and they sang our praises. So that's a good day too.

If I was not a LL I would never have met Roy!

I LOVE it!

When I got firm about MANAGING my business things got much better. Stopped re-inventing the wheel each time a problem occurred, stopped re-adjusting to each excuse, strong lease, Zero Tolerance on lates, move out policies to protect me...the stress melted away.

My living is made by fixing up houses, making them nice, helping people get what they want - move into a clean updated home they can afford, and helping them by maintaining it while they live there. A fulfilling and pleasant way to walk in this world!

Right now I have some attys trying to make my life miserable with attacks of lies and slander. They are allowed to and paid for accusing people of anything, even if not true, forcing me to pay my atty to defend me. What an awful way to make a living.

BRAD