I love being a landlord, though I hate to be called that. I prefer the guy who owns our house or preferably, my pal Rob who owns the house. Being a “landbuddy” is possible about 95% of the time with the houses I am responsible for the mortgages on, they aren’t the fanciest places, aren’t slums and I would happily live (and home in some) in any of them.
The other 5% of the time is when I get in a hurry and rent to someone who I know is going to be a challenge. I have rarely had to evict anyone – but the prospect always hovers on the horizon. Usually before that would happen we would have a long conversation that ends in a few different ways. Often it ends with the person taking another roommate who can help with the rent or an amicable parting of ways with a promise of repayment. But the trip to eviction court has happened… twice in eleven years. Neither time did I take a lawyer. If it ever happens in the future that will change.
I have made some wonderful friends over the years who were tenants, some used me later as their realtor and others I hear from on occasion on Facebook, or when they buy their “forever” home out of town or have a baby.
Being a landlord is like nothing else, but I guess you can say that about almost anything worth doing.
If you know anyone looking to rent I have homes in North and South Knoxville, one is available now (June 2011) others opening in July and August. You can see them at http://www.robrents.com