Buying and holding income-producing rental property is great. It offers the potential for passive income, long-term wealth building, and tax benefits. Still, trying to manage your rental properties yourself can really create a love-hate relationship with your investments.
Here are three of the things I love about it—and three things I despise.
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3 Bad Things About Being a Landlord
While rental property is a smart investment, there are some downsides to being your own property manager.
1. No Vacations
Despite all the hype and guru claims, once you get into it, managing your own properties really isn’t that passive at all. You can definitely say goodbye to the idea of turning your phone and laptop off. You have to be on call 24/7, 365 days a year. In the event you decide to outsource management, then taking vacations can be more stress-free.
2. Poor ROI on Your Time
The above means that you end up getting a poor ROI on your time. This is largely because of all the calls you have to handle and make and any repairs or issues you have to fix or coordinate yourself. Not many people get into real estate intending to barely make minimum wage, but some might make even less if they do the math. If you’ve…