Good Tenants Make Good Landlords
Four Legacies Mortgage - Chief Inspiration Officer - Brent Rauch recently put together an informative article addressing the phenomenon of accidental landlords if you review his article pay special attention to the section titled: Tenents of Tenants.
It has been my experience that the wrong tenant can make being a landlord a nightmare (side note: the 1990 movie Pacific Heights with Michael Keaton, Melanie Griffith and Matthew Modine comes to mind). Making a poor choice when deciding on a tenant can turn the once profitable rental property into a money-pit. The inconsiderate tenant will eat into your profits both though extra damage to the realty and through the non-payment of rent.
Bottom line for success as a one or two unit landlord: First, choose a property that will increase in value at least as much as your market average. Second, just as Brent suggests, do your due diligence when selecting a tenant to rent your property and with a little luck you just may find that being a landlord can be both enjoyable and profitable.
