Becoming a Landlord

So if you have read my blog or know me at all, you know I love real estate and the idea of owning an asset and having other people pay for it. “But what about the clogged toilets and leaky basements and problem tenants?” I know many people do not want to become a landlord and that is nice for me – less competition. To be honest, it is hard. There is a lot of responsibility, not only the reoccurring mortgage payment but you are also responsible for providing housing for other people. Also the thought of vacancy scares the crap out of people. Cailen and I were lucky. Craigslist was a great resource and we were able to rent out our apartments 75% by December (2 months in) and 100% in February. We had someone pay 1/2 rent for two months to hold one of the apartments. The upstairs, 1 bedroom apartment, has a great tenant in there who is routinely making repairs and taking care of the place. The downstairs, 2 bedroom apartment, has a younger couple who are living together for the first time. 100% rented for at least a year. That means the Mortgage is FULLY covered. I can repay my parents for the down payment and still have room to pay for taxes and insurance. My advice to all is buy assets and have other people pay for them!