landlord 101

You already have a lot of great info from other members. I'll give you my two cents owning a few properties over the years and still having a few. I love being a landlord and having passive income is always a plus. My family has always owned properties and it's always the same with most landlords, you only hear when the property/tenant costs them money. You don't hear about the countless months of cash just coming in to their accounts. You only hear when they move out and damage the place or in the rare occasion you have a tenant that won't leave. I've experience it all and had a woman in PA that didn't pay a dime for 2 years (partially thru Covid) and had free legal representation, and every time we would go to court we'd have to pay. With all that, almost all of our tenants want to live in a nice property, with heat and a toilet that works but some times they have difficulties just like everyone else. I try to look at all our rentals like that and for the most part it's true and has worked out for us. If you can look at the property as a thing and have no personal attachment, you'll be fine renting it out. People get attached to properties and take it personal when things break or get damaged. Things break and if people live somewhere for any period of time things will be damaged, that's just the reality.

I would research your states laws on evictions and renters rights. You can call a property manager and simply ask how long does it generally take to get a tenant out of a property and get an idea of what it is like. I will NEVER own another property in PA (more specifically Philadelphia) and try to be a long distance property owner. I would NEVER own a property in LA or SF but that's just me. I believe a good management company is worth every penny and that wouldn't be a bad idea to start, if you decide to rent the property.

I believe most people who are fearful of being a landlord/property owner either have had one bad experience or run with the rumor mill of terror stories that are floating around. In fact most landlords/property owners that I know, love it and for the most part have had great experiences. One couple I know has had 1 family in his property for over 30 years here in CA, that is an exception but it can happen.

It's not for everyone. Good luck.