Don't Become a Landlord Before You Watch This | When Rentals Go Wrong
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- Опубліковано 2 чер 2024
- If you've been thinking about becoming a landlord in Denver or anywhere else, you need to know how much this can cost you. I've been a landlord for six years in both Denver and Los Angeles, and there are so many things I wish I knew before becoming one, but most importantly, the costs associated with being a landlord. They can really add up and even make you lose money over time.
This current 4-year run we’re on is pretty bad, not the worst, but it’s worse than most landlords’ experiences. We’re overdue for things to normalize, but this is a real example of how even a single rental property can have unexpected things that come up for you as a landlord.
A lot of people in their 30s think about investing in rental property and ask themselves, "Should I become a landlord?" We became landlords after buying properties solely with side hustles, and I thought that I wanted to have multiple rental properties and live off of that real estate income for the rest of my life. After 6 years of being a landlord, I've already realized that being a landlord is not as simple as many people think it is going to be. For me, real estate is probably my least favorite form of passive income that we have.
While you might make some passive income and cash flow, there are repairs, expenses, unreliable tenants, and really weird things that people do when they're renting your house that you probably never would've expected. These are important warnings to know about before you go all-in on real estate.
I live in Denver, and if you're thinking about becoming a landlord in Denver, Colorado, or you're just doing research on Colorado in general, here are some other videos I've made recently:
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#landlord #rentalproperty #secondhome
Love the vid! I definitely fall into this accidental landlord bucket 😅
Excellent video! You answered all my questions as I thought of them!!
Thank you for checking it out!
Sheesh, I had no idea...😲 Thanks for this video.
It’s a lot 😂 it seems so simple on paper, but there’s a ton of 💰 involved! Appreciate you checking out the video, sensei!
Yep, we’re definitely never doing this 😂😂 And wishing you better luck soon!!
Another informative video. Thanks!
Appreciate you, Debbie! Hope you’re having an awesome weekend!
Dave, love to listen to your food info but this is just a really one sided view of being a landlord. We have owned many rental properties for over 20 years and yes there will definitely be expenses, however you seem to of had a really bad run. My advice is ditch the management company cause you’re paying bucco bucks for something you will ultimately have to handle anyway. My next advise is to do thorough background checks on your tenants & then charge them a hefty deposit when warranted. Also pet deposits per pet & monthly pet rent. Renting out your property is a business and needs to be run like a business. I wish good luck in the future with your tenants. Rental properties have to been our best investments!
Hey Cheryl! Thanks for the comment! You’re totally right, we’ve definitely had a bad run, even with pet rent and deposits - it’s just been a rough streak we’re on! 😂 We know we’re due for an uneventful renter one of these days! I’ve had too many friends think of doing this with a $200 monthly margin without considering the many things that can go wrong, but I’m hoping your comment will give us some good luck on our next renters!