Buying a Rental Property - Question 3

3. Can you be a successful landlord? 


Being a landlord is a second job. It's not just about finding a tenant and letting the money come in every month. Not only do you have to be available to field emergency calls and keep up with maintenance such as routine fixes, yard work and even shovelling snow, but if you rent to the wrong tenant, you might have even bigger problems to deal with, such as non-payment of rent. Hiring a property manager can help, but that will greatly reduce your monthly profit from the property -- and you never want to be in a negative cash-flow situation.

 

Source: Canadian Living

Walter Warford

Walter Warford

Sales Representative
CENTURY 21 First Canadian Corp., Brokerage*
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