Advantages And Disadvantages Of Being A Private Landlord

If you recently purchased some property, and you want to rent that property out, you have to decide if you want to manage the property as a private landlord or allow a property management company to take care of the rental for you. Here are a few of the risks that come with being a private landlords.

#1 Bad Tenants Sometimes Seek Out Private Landlords

Bad tenants who have poor recommendations or spotty job histories often look for private rental listings where they will deal with a private landlord instead of properties listed through a property management company. Bad tenant target private landlords because they know that you most likely do not have the same extensive screening resources or experience that a large company has.

If you choose to be a private landlord, make sure that you do not skimp out on the screening process. Check and make sure that a potential tenant is employed at the
They target private landlords because they know that most private landlords do not inspect their properties with the same regularity that those managed by companies tend to do.

Make it well known when you are interview tenants that you will perform seasonal inspections on your property. Potential tenants who engage in illegal activity may be hard to spot, but you can deter them by making it known that you do inspect your properties on a regular basis.

# You Have To Deal With None-Payments On Your Own

Another risk of being a private landlord is that you have to collect rent and deal with none-payment of rent on your own. That means that you are the one responsible for sending out reminder notices when a tenant fails to pay their rent on time and for levying fees for late payment. It also means that you are responsible for the eviction process is a tenant fails to pay for an extended period of