It's the first of the month. My renters have been in the house for a full month now and I have been anxiously awaiting the first of many rent checks. I got home and looked in the mailbox...nothing. I was mad, partly at myself because I let them move in a hurry without a credit check and partly mad at them because they had promised to send the rent early. Then I had to find their phone number which was on the rental agreement. I had to clean my stuff out of the house in a hurry too when they moved in and I didn't get a chance to organize so I forgot where I put the contract. I looked all over and finally found it less that a foot from my computer. Well, at least I found it. I called the house and the lady said "Oh, I forgot to send it today". I bet she will "forget" to add $50 for the late fee too. I hope every month isn't going to be this difficult. It's times like this I really wish I could have sold that house last year. As soon as the housing market gets better, that house is going to be for sale. I'm really not landlord material.
Once that check arrives I can make another additional payment to my mortgage. One more step closer to mortgage (and job) freedom!
Thank you for sharing this. I am thinking of buying a buy to let property in the future to give me some passive income, but this sort of article proves how hard you really need to work to get rental income.
Oh ya, if you don't want to deal with landlord stuff and you don't have enough money for a management company, it is not an easy income choice. I want out!
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