That is essentially what you will be when you have real estate properties to rent out to prospective tenants. Before you leap into the world of collecting rents and dealing with renters' issues, you have to know that going into this you will need patience and understanding.
Along with that, being a landlord also means you will:
• Work together to solve problems regarding the property
• Learn to communicate effectively with your tenants
• Make decisions that are in the best interests of the renters and your investment properties
• Want to stay in it for the long haul, especially if you're looking to create wealth
Other than rent, there will be times that the renters will contact you regarding the investment property. Sometimes it may be regarding a repair in the home. Other times it may be regarding the tenants themselves. Of course, you may get a tenant that pays their rent late or will try to skip out on paying it and disappear from the property.
However, once you are able to establish a relationship with the renters, they may find you easy to work with. In order for the cash flow to be consistent, you must be willing to some type of communication with them, instead of just looking for that rent payment on the 1st, 3rd or 5th of the month.
Be respectful to your tenants. After all, they are the ones that are helping you to create wealth (monthly rent). If they call you, return their phone calls as soon as you can. If repairs are needed in and on the property, get the appropriate people to do them.
Let your tenant know that you care about them and that you appreciate them selecting your property to live in. Remember, they can always find somewhere else to live and make another investor wealthy. Effective communication is the key.
