Real estate rental property is a real business and is one of the sought after every landlord is always looking to do when they build their own house or probably owns, or inherit a real estate rental property.
One of the things as a landlord should know is that they are providing shelter to people. i.e they are one way or the other solving people’s problems which is a good one.
Considering the numbers of people flocking in and out of Lagos makes real estate rental business a sweet one and a passive income. Renting being a passive income is not also a quick get rich scheme for those looking to make quick money on real estate investment. It takes time and you need to plan and still depend on other real estate aspects like commercial real estate.
What I have observed about landlords in Lagos and some other parts of the states is that they don’t take their real estate rental business seriously and thereby developed issues with the occupants. In this post, we will look into why some landlords should don’t see their rental property as a business and why it should be taking care of.
Looking to Make Quick Money from it
Some Landlord when they put out their rental property for rent, they are always looking to make the money they have invested on the property so quickly. I tell you that you need to be patient about it. It is not a quick-rich scheme. it is a passive income and due to their thinking of making their money, they tend to care less about how they manage it.
Not Being Able to Manage the Rental Property
Yes along the line or years some landlord gets bored and tired refusing to repair and fix some certain things in the building. Also, this could be due to the occupant of the building refusing to pay rent due to landlord negligence to fix some certain things.
Relying Only on One Source
Relying too much on just one rental property can be so tiring in the sense that you get to spend the income within one month or few months of receiving your payment. You need to still have another source of income. Yes! real estate investment is good and that is if you have multiple real estate rental buildings in different locations.
Tenants Not Paying Rents
Some tenants or occupants can be so stubborn to deal with even after you have put some certain things in place they will still not pay for their monthly or yearly rent. What you need to do is do an MOU between you and your tenants.
So in case if things aren’t working the MOU will stand as a way to move out. In another way, you can give a quit notice too.
Decide If You Want to Be a Landlord
I firmly believe that owning real estate is one of the best paths to sustained long-term wealth creation.
It can be a great passive income stream. However, it’s not without its headaches. When it comes down to it, being a landlord means dealing with people and all the ups and downs that go along with it.
So you need to be sure and know how to manage people when it comes to being a landlord. Not everyone can take up people’s different behaviors and attitudes.
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Adeyeye IfeOluwa is the owner of LandSprout.Com, a Web Design & Developer, Digital marketer, Real Estate Consultant, and Content developer.
Landsprout.com came with a passion to help you achieve wealth in real estate investment and solve the hassle within it.
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