Becoming a landlord happens to many people by accident, yet for others it’s part of a plan.
Or as it happened in my case, it was an accident that I became a landlord and then it became part of a greater plan!
The question of whether it’s worth it though can be a whole new can of worms.
It seems many of the accidental landlords don’t believe it’s worth becoming a landlord, but rather that it’s something that has been forced on them. Their mindset from the beginning is that it’s a short term situation, that they aren’t going to enjoy it and that it’s going to be a negative experience.
For them it’s not worth it, it’s just a means to an end.
They’re also the ones likely to tell people how Real Estate is a bad investment.
In other cases some accidental landlords may initially look at becoming a landlord as a short term solution, but after a bit of time (and with the right tenants!), their view of the situation changes. This describes me by the way 8′].
They see some positives to the situation, they enjoy providing homes for people and they start to see some long term possibilities.
This type of landlord describes many of the people I hear from on this site and in various other spaces. They are also my favourite types of landlords as they have the capability of looking at the situation and evolving as time goes on.
For them becoming a landlord is definitely worth it and typically rewarding.
Finally at the far end of the spectrum we have the dedicated investor.
The Real Estate investor who becomes a landlord as part of their long term plan. They understand Real Estate can be a great method of building wealth and steady income and they also understand that they need to become landlords to achieve their investment goals.
Now many of these folks eventually transition to moving out of managing the properties themselves and instead depend on property managers or staff to deal with it, but for them becoming a landlord and learning the ropes initially is definitely worth it.
So what are your thoughts, is it worth it?
I understand many of the responses I’ll get here will be biased towards the positive, but I’d love to hear from you with a comment below. Is being a landlord worth it to you? And maybe more telling was it always worth it, or did you evolve to that stage?