Operating rental properties and dealing with your tenants are not separate jobs. The fact is, they’re inseparable parts of land lording. I owe a great deal of my real estate success to my land lording abilities. Some folks disagree with me on this issue — They argue that professional property managers are paid a decent percentage of the gross rental income to relieve owners of this thankless task. I’ve known many folks who ended up relieved of their property instead!

Now the good news — Land lording is a profession that can help you to achieve financial independence and a quality of life second to none if you choose to learn it well. A long-time investor friend of mine says it like this — “If you are comfortable with the role of ownership and management, and do not allow yourself to be intimidated by the responsibility for setting down the rules by which tenants may live in your properties, you will find as many others have — That owning and operating small rental properties can provide a vehicle for self-employment and sense of freedom that’s difficult to match in our society today.”

Besides making money, being a successful landlord provides many sought-after personal benefits. For example: you can have a better quality of life for yourself and your family. You can live anywhere you choose and set your own work schedule. You can spend additional time with your hobbies and do those personal things that never get done when you work for someone else. Being your own boss is the envy of every W -2 wage earner. Almost everyone dreams of making a big money working for themselves.

A 10%1 JOB CONTROLS 100% OF THE INCOME

I know man} small-time property owners who consistently earn $100 per hour or more operating their own income properties. Land lording is a major ingredient for making big bucks for the do-it-yourself investor. Owners of small income properties who don’t bother learning the land lording part often throwaway a fortune because they allow the tenants to run their business and control their buildings. That’s a very unwise decision for property owners.

Folks who have heard me lecture or attended my land lording seminars already know I consider land lording And people management the $10 job that earns me $90. Those numbers come from the fact that I charge 10% for managing properties. Naturally when you manage your own properties, you can’t pay yourself – but saving 10% is almost like earning it!

Many small-time “Mom & Pop” investors pass up the opportunity to earn a lot more money with their investments simply because they fail to see the importance of learning to become a skilled landlord. You don’t become a skilled landlord because you acquire houses. You only become the owner. Skilled land lording will require both education and practice.

Basically there’s only two ways to learn land lording! You can learn from people like me who have many years of experience – or you can learn from your tenants! I can tell you right now if you were to pay me 10 times more than I charge for seminars – it’s still much cheaper than learning the job from your tenants.

Every landlord should know and understand the landlord-tenant laws for his particular state. Once you know and understand the laws, your fear of tenants (being intimidated) will vanish. An overwhelming number of property owners incorrectly assume these laws favor deadbeat tenants. I will assure you this is not the case, although sometimes it may appear that way! Laws are mostly about equity. It’s well to remember — There are unscrupulous landlords same as naughty tenants!

PERSONAL CONTROL IS KEY TO SUCCESS

I can tell you from my experiences that many small-time real estate owners fail too often because they don’t see the need to learn about land lording. Almost all investors I deal with are owners of houses and small apartment buildings. All can benefit. Even if you’re basic investment strategy is to buy and sell – tenants will generally be involved in the process. Tenants can make or break a property. Owners who pay little attention to land lording skills are basically allowing property managers – or their tenants to have control over their investment dollars.

I will assure you based on my own personal experiences — Dumb landlords are absolutely no match for the liberated “Rock-N-Roll” tenants today. You gotta know your stuff now because the tenants know theirs never lose sight of this important economic fact — Tenants are the lifeblood for landlords. Tenants are the owner’s customers. Almost every profitable business has customers. Tenants are the most important part of owning and operating rental properties because they supply the money. Obviously a landlord’s problem would be down-right serious if he or she did not have tenants who can pay timely rents.

Good landlords always act first – as opposed to re-acting later! Don’t fight and argue with your tenants anymore than you would fight and argue with your boss over the work requirements at your job. Obviously discussions are fine, but fairness must always prevail. Landlords are the boss of houses. They make the rules for the tenants who live there. Never compromise on the issue of WHO’S IN CHARGE. When tenants get the upper hand while living in your rental properties – you’ve got some serious problems. How would I know this, you ask? At least half .the properties I own today were purchased from extremely motivated sellers who wanted more than anything else to get away from their tenants. I made that possible for them But at a greatly reduced price of course!