By Grant McGee: Freedom columnist
All this talk around here about affordable housing got me to thinking about landlordin’.
I thought maybe I could pick up some real estate real cheap, slap on a coat of paint, then sit back and watch the big coin roll in every month.
But, I don’t know if landlordin’ is for me.
The way I figure it, it takes a lot to be a landlord. There’s a lot more to it than just collecting rent. If you’re going to make any money at it you need to know how to fix swamp coolers, service furnaces, patch, paint and do plumbing work.
You also need to know how to deal with people. For instance there are those folks who don’t pay their rent on time.
I chatted with a local landlord recently about the ups and downs of property management.
“I’ve got one tenant who pays her rent every month before it’s due,” he said. “I wish they all were like that.”
And what is this stuff about being late with the rent? The way I see it a roof over your head is a priority, so is paying for it. When the rent is due it’s due.
Once upon a time I knew an acquaintance who was looking for place to live. I recommended the groovy apartments where I once lived.
She wasn’t interested. It turned out her philosophy of renting a place required that the utilities had to be included in the rent.
“That way, if an emergency pops up like my car breaks down or I have to go to the doctor or I need a new pair of shoes then I can be late with the rent,” she explained.
“What about SAVING for emergencies?” I asked.
“Oh I can’t do THAT,” she said.
Yeah…no, landlordin’ isn’t for me.