s Becoming a Landlord More Trouble Than It Is Worth? By LISA SMITH Updated April 30, 2022

Is Becoming a Landlord More Trouble Than It Is Worth?

By?LISA SMITH?Updated April 30, 2022

Reviewed by?MARGARET JAMES

Residential rental property?is the way to make money, or so some people claim. On the surface, it seems likes a surefire bet; in reality, it's usually more of a headache than it's worth. The challenges start early, and they almost always involve time and money.

Here are six classic challenges facing new landlords that may need to be investigated before entering the residential real estate market.

KEY TAKEAWAYS

• Investing in residential rental property can be a lucrative way to increase your wealth, though it can come with many difficulties.
• Challenges that come with owning a rental property include finding a suitable property, preparing the unit, finding good tenants, maintenance issues, hassles that arise, and changing interest rates impacting the rental price.
• There are ways to make the process easier, such as purchasing a basic property, living in proximity to the unit, and making it a full-time endeavor.
• Hiring a property manager can lessen the burden of managing a rental property but will cut into any profits.
• Removing tenants can be a time-consuming and expensive task.