So You Want To Be A Landlord...

I met with a client yesterday who is considering purchasing his first rental property. He is retired, and has very little left to pay on the mortgage on his own home, and is beginning the process of researching whether or not investing in real estate is right for him, and if so, what type of property. We discussed mortgages for the property, and also what it takes to be a landlord. I suggested that he attend the next meeting of the Apartment Association of Southeastern Wisconsin, which I am a member of, as it is an organization which provides good information on how to stay on top of the best rental practices. I also suggested that he do some reading on what it takes to be a successful landlord, and talk to a realtor who specializes in rental property in this area.

As is discussed in this Motley Fool article, there are many aspects of landlording to consider. I have enjoyed and prospered from my rental properties, but it is not for everyone. Owning rentals is a business, and should be treated as such. If you are interested in investing in real estate, call me at 414.807.7277 to set up a time to discuss it over a cup of coffee.