“Massachusetts is a great state for tenants, but not necessarily for landlords.”
Owning an investment property comes with pros and cons. We all are interested in making extra income, but at what price and to what extent?
We interviewed some landlords to weigh in on how they really felt about their job (essentially a second or third job).
What are landlords thinking?
“Simply put, it’s a way to help pay taxes and insurance. Many people still hold mortgages so it’s a way to help support that.”
“When there were few properties available, interest rates were at historic highs and home prices were also rising quickly, we thought a 2-family would be the best option for us financially.”
“There are good tenants and bad ones: We have had the most amazingly thoughtful and kind tenants—always paid rent promptly, respected the property, never made unusual or burdensome demands, and were respectful with us, and neighbors, too.”
“Tenants can be a challenge especially when you live in same house. If it were an investment property only it would be different. Many two-family homes were once occupied by same family of different generations and we enjoyed that aspect, but renting to strangers in same house is not as easy.”
What do landlords care about?
“We want our property to be well taken care of and respected by others. That’s difficult to do when renters have no investment in the house itself.”
“They want rent on time without having to ask and for tenants to be reasonable with noise.”
“Often times things are abused and not reported because they reflect negatively on the tenant. You only find out after they leave and then it can become an issue depending on damage.”
As much as being a landlord can be a great investment, it’s important to consider all that goes into being one. Everything from finding a tenant, addressing repairs and other issues (big and small), being prepared financially to maintain and so much more! If you are considering an investment property and don’t want the stress and hassle or are currently a landlord looking for some help give us a call at 855.213.3410.