Is Anyone Noticing The Denver Housing Market Turning Up Again In The Past Month?

[Willy702]

Originally Posted by Mike from back east

Never did it, won't do it. Just reading all the horror stories is enough to stop me from being a landlord. I'll put my money in the stock market, averaging 8.5% gain per year over time, can sell it off and cash out in minutes.

Most mom and pop landlords make money from the leverage, not the return. Two houses I am renting out required a 5% down payment. My equity gain at say 3% a year doesn't seen great except for the leverage.

Being a landlord is not for everyone and I don't question anyone for not doing it, but it's nowhere near as bad as the worst case scenarios some buy into. It's definitely something that will make you question yourself but then you just do a conservative spreadsheet and look at the eventual returns and you might decide it's a good idea after all.

[AmFest]

Originally Posted by SkyDog77

I'm a landlord. I will always be a landlord. My family has been doing it for 3 generations. I like it.

Any insider's tip for being a successful landlord?

[davebarnes]

Originally Posted by AmFest

Any insider's tip for being a successful landlord?

Emulate

[SkyDog77]

Originally Posted by AmFest

Any insider's tip for being a successful landlord?

Ha! A few off the top of my head.

Don't be over leveraged.

Plan for maintenance and vacancies.

Set rents at rates where you can pick from multiple tenants.

Have a basic knowledge of home mechanical systems. You should be able to fix minor things yourself or at the very least know what you are talking about when discussing repairs with a contractor.

Have a handyman you trust.

Avoid renting to roommates whenever possible. Inevitably they have a falling out and you get stuck holding the bag.