Rentals Are Not Passive Income
I have never had any delusions about this, but I can’t help but laugh whenever someone says that being a landlord is passive income. Cause it is not. It just simply is not. It is a job where you are always on call because something can go wrong anytime, and, when it does, you have to be the one to manage it.
Part of that is that you also get to be the one to sit and wait for the plumber, repair guy, or electrician. This is something you need to keep in mind and plan for. You may get lucky and have tenants who don’t mind waiting in your place. If so, that’s great for you. However, that is not something that you should count on. Your tenants agreed to rent a home from you and pay you monthly for this. You agreed to keep the place they call home in good, livable condition. Part of the appeal of renting is that it is the landlord’s job to handle all of that. That’s one of the biggest perks that renting offers. Therefore, you should not assume that they will help with that. It’s your job, not theirs.
I’m currently writing this post waiting on the drywallers to come and fix the kitchen island in our rental. This is day two in this process and we have two more days to go. Thankfully, I won’t be the one hanging out here for the next two days. That honor goes to Mr. FOGA. I have work. 😂
This isn’t me complaining by the way. I fully knew what we were getting into when we bought this rental. This is more to warn potential future landlords who think this is a completely hands-off gig. Cause it ain’t.
Photo by Roman Kraft on Unsplash