I know there's a few of you who are landlords and I'm kinda curious as to how you got started in the game. I'm thinking of renting out some mobile home I own and was wondering if anyone does that or do you prefer regular, solid homes? Is being a landlord a passive or active job? Do you have to micromanage alot? Well I figure there would be alot of things to do before you jump right in, but any advice to a newbie?
I got started because I have a family member who rents. I saw how it worked and got interested. I only have a few properties close by. It's pretty active for me because I work for myself. I don't have to micromanage a lot but I do have to manage others who work for me. Your level of involvement depends on how you set everything up but it will require a lot of your attention at first.
Most people start by renting out their previous home instead of selling it. And how much of your own activity is required... well that depends on you. If you want to do everything yourself then you might get busy but you will also save money since you aren't paying anyone to do these things.
I got into this arena via inheritance and i have had some really bad starts but am glad its a learning process for me, am glad to say i found a professional real estate agent to manage the property for me as it a bit of a hustle and bustle for me, i must say they are really hands on and currently on the way to finding a suitable tenant plus the authority in the area is involved...{due to past hurts, mistakes and negativeness which am glad to say is a thing of the past}
I got started because it was a family business, our dad left us inheritance but individually so that we can all manage our own , so that is how I got started and continues growing from there, and I believe it is a good business.
