She Strengthens

The Ups and Downs of Being a Landlord: Lessons Learned

As a young homeowner, I dove headfirst into the world of renting out my space without fully understanding the ins and outs of being a landlord. Now, five years later, I’ve learned valuable lessons from my mistakes and have come out stronger on the other side.

Mistake #1: No Security Deposit

When I first started renting out a room, I didn’t think to collect a security deposit. Big mistake. When my tenant left, I was left to foot the bill for repairs, replacements, and cleaning. A security deposit would have provided a financial cushion to cover these expenses.

Raising Rent: A Missed Opportunity

Over the course of five and a half years, I only raised the rent twice. In hindsight, I realize I missed out on potential income by not increasing the rent regularly. Going forward, I’ll make sure to research market rates and adjust the rent accordingly.

Utilities: A Hidden Cost

Including utilities in the rental price seemed convenient, but it led to unchecked usage and unexpected costs. Next time, I’ll charge separately for utilities and establish clear guidelines for usage and payment.

Living with Tenants: Boundaries Matter

Sharing my living space with tenants was a recipe for disaster. I learned that setting clear boundaries and maintaining separate living areas is essential for a harmonious living environment.

The Pet Problem

Allowing a pet into my rental property was a mistake. The cat caused damage to the property, and I was left to deal with the consequences. In the future, I’ll implement a “no pets” policy to avoid similar issues.

Property Managers: Not All Created Equal

Hiring a property manager while I was abroad seemed like a good idea, but it turned out to be a nightmare. I learned that not all property managers are created equal, and it’s essential to do your due diligence when hiring someone to manage your property.

Lessons Learned

Despite the setbacks, I’ve grown to appreciate the responsibility of being a landlord. Collecting rent is a satisfying experience, and managing my own property has provided a sense of security and financial stability. I’ve learned to set clear boundaries, establish fair rental prices, and screen tenants carefully. With these lessons in mind, I’m ready to give renting my space another try.