Besides making money, being a success¬ful landlord offers some major personal benefits. For example: You can provide an excellent quality of life for yourself and your family. You can live wherever you choose and set your own work schedule. You can spend more time with hobbies and doing the personal things that never get done when you work for someone else. Being your own boss is the envy of every W-2 wage slave.

The good news is, owning income¬ producing property and landlording is a profession that provides an equal opportunity for everyone to achieve financial independence and a quality of life second to none if you choose to participate. My good friend, Richard E., who owns and manages small apartments in San Francisco, says: “If you are comfortable with the role of owner/¬landlord and don’t allow yourself to be intimidated by the responsibility for setting out the rules by which tenants may live in your properties, you will find as many others have, that owning and operating small rental properties provides a vehicle for self-employment and self-expression that is difficult to match in our society today.”

I certainly agree with Richard: owning houses that produce cash flow every month is a great way to go once you get the hang of it. However, like anything else in life, you must pay your dues up front. Landlording is the price of admission for investors who operate income properties.