Being a Successful Landlord: When You Shouldn't Rent Your Home

In this article, I want you to learn two important things about being a successful landlord: a change in attitude toward you home, and when you SHOULDN'T rent your home.

THE MOST IMPORTANT SECRET TO SUCCESSFULLY RENTING

If you're going to have a worry-free landlord experience, you can't be emotionally attached to your home.

If you're like most homeowners that I know, you're proud of your home. And rightly so. It's the results of your hard work and sweat. You've put your soul into your home.

The sad news is that your renters won't have the same pride or take the same care that you do.
Your home will get scratched and dented. It will deteriorate and you'll see it. When you make an inspection a year later, you'll see the wear and tear that you'd ignore if you were living in the house. Don't let it bother you or you'll go nuts.

Change your viewpoint from that it's your home, to it's their home, and you're collecting money for the privilege of letting them live there and for the wear and tear that's going to happen. Virtually all damage can be repaired, and that's why you collect a damage deposit.

WHEN YOU SHOULDN'T RENT YOUR HOME

There are several situations when I suggest that you not rent your home yourself. Instead consider either selling it or having a property management company deal with renters for you.

* IT'S FARTHER AWAY THAN YOU WANT TO DRIVE

If your rental house is too far away to drive to show it to one person, it's too far away to rent. I think that anything over a half-hour drive is stretching it and asking for headaches. You decide for yourself.

* YOU'RE REAL PICKY ABOUT YOUR PROPERTY

If you are fussy about what people do in your house, you're setting yourself up for an unbelievable nightmare.

So what happens when you find out your renter is rebuilding his motorcycle in the living room? Does this thought drive you nuts? You're better off not being a landlord.

By the way, when you select renters using the methods I'll write about later, this won't happen. And if it does, so what? You'll either clean the carpet or replace it at your renter's expense. No big deal.