Ever wondered about being a for rent by owner landlord? Being an independent landlord means you handle everything yourself, without a property management company.
It's often called being a DIY landlord. And like most things, it has good and bad parts.
This mini-guide will help you understand the advantages and disadvantages of this kind of landlord.
You might decide this is right for you. Or you might choose to hire a property manager. Here are the pros and cons of renting out and managing properties on your own.
Pro: Increased Landlord Income
Being a landlord can be a great way to earn extra money. If you're an independent landlord, you'll have more control over how much money you make.
You can set your rent prices, and you can decide when to raise them. This could have a significant impact on your landlord's income.
Con: Significant Time Commitment
Being a private landlord in the Council Bluffs area can be time-consuming. Managing properties involves tasks like carrying out maintenance and dealing with tenants. You also need to ensure your tenants pay the rent on time.
If you're a landlord, you'll need to be available all the time. This could mean that you have to give up on your weekends and evenings. If you're not prepared for this level of commitment, then being a private landlord may not be right for you.
Pro: Full Property Control
As a for rent by owner landlord, you have complete control over your property. You are, at once, the property manager and the owner.
You can decide who lives on your property, how much they pay, and when they move out. You can also decide if to allow pets in your rental home. This level of control is something that many landlords appreciate.
Con: Potential for Stress
On the flip side, being in charge means bearing all the responsibility. From urgent repair needs to dealing with problematic tenants, property management can sometimes be stressful.
If you're not prepared for the stress that comes with being a landlord, it can be overwhelming. You may constantly worry about your property and your Council Bluffs tenants. This can lead to sleepless nights and a general feeling of unease.
Pro: Learning New Skills
Being a landlord allows for learning and growth. You gain new skills, ranging from understanding property management techniques to studying the local rental laws.
You also learn how to deal with difficult tenants and how to handle repairs. This can be a great way to expand your knowledge and become more well-rounded as a person.
For Rent by Owner: The Choice Depends on Various Factors
Becoming a for rent by owner landlord is a great way to make money, but it's not for everyone. If you're considering becoming a landlord, take some time to think about the pros and cons of each option.
PMI of the Midlands provides prompt, friendly, and professional services to property owners and tenants. If you're an owner, looking for a property management company, contact us today!