The biggest factors for whether or not you should even attempt being a landlord is your personality and temperament. Robert S. Griswold, who owns Griswold Real Estate Management in San Diego says \”You first have to look yourself in the mirror and ask if you have the time and the skill set to do this properly\”.

Investing in Real Estates Rentals can be very profitable and can build riches or add to your monthly income. That\’s what they say anyway, and \”they\” are absolutely right. I have made money, although it was touch and go in the beginning and I definitely questioned my own sanity.

When I started I was basically on my own. I inherited a piece of property I could have sold (at that time the housing bubble was still intact), but I choose to keep it and use it as a rental. I had to learn the cost of keeping the place going, including mortgage payments, utilities, maintenance, yard work, repairs and any professional services I needed.

If you think you have what it takes to be a Landlord and are looking to build your investment portfolio there are a few things to consider.

Property Maintenance – Are you handy when it comes to property maintenance, if so go for it. If you aren\’t handy you best establish a relationship with a plumber, an electrician and a carpenter. Someone you can trust to be available at a moment\’s notice. Keep in mind there will come a time when you can\’t solve a problem.

Vacation or Personal Time – What if you want to take a vacation or you need some personal time, you will need emergency resources your tenants can contact. The more support you have, the better you will be able to handle the problems that come your way.

Property Management – It is best to hire a property management company to handle the screening of prospective tenants. They have the expertise to know what rent to expect in your area and to keep track of payments.

Accountant and Legal Help – Get an accountant to help you understand the tax issues of investing. Having legal help available to answer landlord – tenant legal questions is a real plus.

All of this seems like a lot of work and a daunting task to undertake, but even if you are just thrown a piece of property to do with as you want you have a choice as to whether you become a landlord. You can choose to be a passive landlord or a real hands on type of investor landlord.

If you\’re looking to become an investor in Real Estate and start building your own portfolio of rentals this is the perfect time to get serious. There are foreclosures to invest in and the truth although sad part is each of those homeowners will be looking for a place to live, possibly rent, until they get back on their own feet.

Patricia Ellison has been involved with Real Estate Rentals and investing.If you’re finally ready to start bringing in spendable money each and every month, while building your long term wealth visit Building Riches With Rentals

Patricia Ellison has been involved with Real Estate Rentals and investing.If you’re finally ready to start bringing in spendable money each and every month, while building your long term wealth visit her site: http://www.buildingricheswithrentals.com

Author Bio: Patricia Ellison has been involved with Real Estate Rentals and investing.If you’re finally ready to start bringing in spendable money each and every month, while building your long term wealth visit Building Riches With Rentals

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