If you are considering a career as a landlord, there are some things you need to know first. Here are five things you should know before becoming a landlord.

1. Being a Landlord Is Not a 9 to 5 Job

The daily life of a landlord is much more impromptu than structured. It is not the type of life where you get to work at 9:00 A.M, go to lunch at noon and leave at 5:00 P.M. One day you may have one hour of work to do while the next you may have fifteen hours of work.

Your daily obligations can also change on a dime. You may be expecting to go to your property for ten minutes to collect rent, but when you get there, your tenant asks if you can look at a small leak they have.

You have three choices:

*You can disregard their request.
*You can call a plumber or handyman to look at the problem.
*You can spend the time to immediately troubleshoot the problem.

If you decide to address the problem immediately, your ten minute rent collection can quickly become a three hour ordeal.

2. A Landlord Wears Many Hats

It is hard to truly define what a landlord does because a landlord does so many different things. You must be able to adapt to these different roles to have a successful career as a landlord. Here are some examples of the roles a landlord plays:

*Realtor
*Salesperson
*Detective
*Negotiator
*Debt Collector
*Repairman
*Therapist/Counselor
*Supervisor/Watchdog

3. There Are Legal Rules You Must Follow

Many people think, I’ll buy a property, rent it out and make some money; easy enough. If it were that easy then everyone would do it. There are many legal rules you must abide by when you become a landlord.

For example:

*There are things you can and cannot ask when interviewing perspective tenants.
*There are Fair Housing Laws which dictate what is considered discrimination.
*There are certain ways you must handle a tenant’s security deposit.
*There are certain housing safety codes your property must abide by- such as hard wiring smoke detectors or properly handling a lead-based paint hazard.
*There are health codes to adhere to- such as providing working plumbing and freedom from insect or rodent infestation.
*There are also proper and legal ways to evict a tenant.

4. There Is a Learning Curve

You could be a very intelligent person, but if you do not have experience being a landlord, you will inevitably hit some bumps in the road and unfortunately some craters as well. There is only so much you can learn from reading or from speaking with others. This is the type of career where real life experience is often the best teacher.

In landlording, one plus two does not always equal three. For example, your tenant sees a mouse. Logically, you call an exterminator to get rid of the problem. However, when the exterminator comes, they go into the crawl space and notice that you also have extensive mold developing. Your open and shut case of getting rid of a mouse has now become a mouse problem and a mold problem, and probably four times as expensive as you had budgeted for.

Another example of a learning curve is when you select tenants for your property. When you first start out, you go through all the typical steps to screen a tenant. You think you’re doing everything right, but one month later you’re having problems and are forced to evict the tenant.

After you have been a landlord for a while, you rely on the logical steps, but also on your instincts to select the right tenants for your property. You may find that tenants who answer rental ads on web portals are higher quality than those who answer rental ads in the newspaper or that people who view the apartment on weekends or after normal work hours are higher quality than those who view it at 1:00 P.M. on a weekday.

5. It Is Very Rewarding Work

Yes, there are the headaches and the struggles that come with the life of a landlord, but there are also great rewards. Of course there is the monetary reward. There is the reward of personal freedom that comes from being your own boss. There is also the pride that comes from seeing what you have been able to build up and maintain with your hard work.

You will develop personal relationships with your tenants. The fact that you are able to provide a home for another human being is an accomplishment in and of itself. You will see children grow and tenants come and go, but you can take pride in the fact that your property has provided a home for all these people, and will do so for years to come. In addition to providing a home for others, you also have the opportunity to leave a nest egg for your own family.



Courtesy WWW.HOMESINLAGOS.COM
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It is hard to truly define what a landlord does because a landlord does so many different things. You must be able to adapt to these different roles to have a successful career as a landlord. Here are some examples of the roles a landlord plays:

Realtor
Salesperson
Detective
Negotiator
Debt Collector
Repairman
Therapist/Counselor
Supervisor/Watchdog

So true! My landlord was all above, even a sex therapist to that Corper chic from Edo who chose to pay her rent with her body, while we hustled hard to avoid world war III from Mr debt collector.

How will a landlord deal with tenants that have strong Juju?

Nice tips , but one question to you thread owner , are u a landlord?

dont have female daughter... or even if u get female daughter , dont and never allow her live in d same compound.... cox d rate at which landlord's pikin dey carry belle... hmmmmm.....

6. don't just collect rent. effect repairs.
7. a new year doesn't mean 100% increase in rent. be lenient
8. not everyone will be a tenant forever.

So landlord manual don dey..na wa oo

Irrelevant! As long as d cash to build or buy is available. I dont need any story. Caretakers will manage d house while I await bank alerts.

.....IN NIGERIA WHERE EVERYONE WANTS EVERYTHING FREE
BEING A LANDLORD CAN MAKE U GO BONKERS
ESP WHEN U HOUSE POOR PEOPLE
THEY EXPECT U 2 DO EVERYTIHNG 4 THEM WHILE THEY
LIVE IN UR HOUSE 4 FREE

How can i b an OIL-land lord

if sey I don pay my 2 years rent outstanding now..I will have give my landlord this manual cos he needs to see this!!!

D almighty landlord brochure

Babzilla: .....IN NIGERIA WHERE EVERYONE WANTS EVERYTHING FREE
BEING A LANDLORD CAN MAKE U GO BONKERS
ESP WHEN U HOUSE POOR PEOPLE
THEY EXPECT U 2 DO EVERYTIHNG 4 THEM WHILE THEY
LIVE IN UR HOUSE 4 FREE

Dont u know ur rights.

Hm! Know when to use dem,
an establishment of trust was built on a signed contract that expires as at when due. Dont let anyone take u n ur money for a ride oh! Lol!

if a hobo seems better to house than those types of ppl. Kick them out as at when due; I assure u, u wont go bonkers.

Poster u tried. Been a landloard in Abuja always give me nightmare cos rent will expire they will not pay you on time. I do struggle to extreme lent to collect my money. Yes its rewarding but its not easy as well.

Nairaland should open university so dat interested student should be reading dis tins as course o...Hw many landlord 4 naija read dis manual?

You've got to be tough minded, else tenants will ride you

All these for house kilode.......Anyway,with God time its very simple shaaaa

toyfat: So landlord manual don dey..na wa oo

LMA0

You must be God fearing and discipline, else you'll bleep your tenant's daughters.

bknight: You've got to be tough minded, else tenants will ride you

Very true. I've personally had to grow out of the age/respect mentality. Inasmuch as it is true one shpd respect one elders, that must be on the basis of behaviour not not necessarily age. Attimes tenants older tban me have misbehaved or impinged on my interests and betwwen me and my sis, we call them to order.

Been a landlord is cool, and could be disastrous at the same time. Take for instance, the case of myself and my neighbor Mr. Bantefa, we both occupy Abisogun Leigh Close, in Ijesha-tedo, Ajah, Lagos.

Mr. Bantefa, owns a 6 bedroom duplex sitting on two plots of land, a large swimming pool built on half a plot, built in 2008 back then when PHCN was still in the total control of Nigerian marketing managers who are only provided targets to deliver, and who pockets whatever is left. Fast-forward to today, everything seemed dire, PHCN is totally private now, and broke Mr. Bantefa is going through a deal of painful challenges to maintain the property. From property taxes, security fees, to repairs, to yearly maintenance, which my neighbor claims gulped roughly 250k o more per year, his property is now a complete liability, and a source of sadness. And oops, I almost forgot, he got robbed twice because he lives alone. They wouldnt dare come to my own crib, not with those Erukus flanking the area.

Meaning: On his property which, he loses 250k yearly

Well, compared with myself. A well-learned property-expert, with just a plot. I slapped down, six units of 2 bedroom flats. I share upstairs with a tenant, and recently got my lawyer to serve them notice that my rent has jumped up from 250k to 300k per year. Thats umm, 1.5million I would be pocketing in. With the tenants, we split PHCN bills, security, LAWMA, etc....Sometimes, I smartly even shelf my wahala on their neck, while they arent aware....hey, im the friggen landlord, and its my house! Anyways, Im living decently, the house is not a pain, and some bunch of scarey looking Yahoo! boys living in the compound are already about to pack-out, meaning I'd be letting another flat soon, pocketing 2 years rent, plus commission and agreement..

Meaning: On my property, I make 1.5million yearly. Meaning, in about 12 years, I'd have made back what I poured on the property minus depreciation.

Seriously, been a landlord is cool. One of the smartest investment ever, depending your capital. I have a client whose properties I manage, and whenever Alhaji is broke, we just have to open the files for pending rentals, and with his 16 properties within Lagos alone, there is always some handful of millions about to be paid by tenants.

Nothing is more empowering. Your property is your temple. You decide what lives on it, that's why we have what they call professional estate agents and managers like me....and thats why we have something called "Agreements." Properties investment has been in existence like forever, it wont be replaced as according to Marslow, the world renowned psychologist who listed the MOST PRESSING HUMAN NEED HIERARCHY....After FOOD, SHELTER is NEXT.

Uyi Iredia: Very true. I've personally had to grow out of the age/respect mentality. Inasmuch as it is true one shpd respect one elders, that must be on the basis of behaviour not not necessarily age. Attimes tenants older tban me have misbehaved or impinged on my interests and betwwen me and my sis, we call them to order.

Wow, you're a landlord. How did that happen?

What kind of landlord if I may ask?

Landlord of a rented apartment or landlord of a personal home?

Seun: Wow, you're a landlord. How did that happen?

One can be a Landlord by inheritance, right?

Landlord is the most easiest job in the world.The most important aspects are Location, location and location.Talkin from experience.

aasog1: Been a landlord is cool, and could be disastrous at the same time. Take for instance, the case of myself and my neighbor Mr. Bantefa, we both occupy Abisogun Leigh Close, in Ijesha-tedo, Ajah, Lagos.

Mr. Bantefa, owns a 6 bedroom duplex sitting on two plots of land, a large swimming pool built on half a plot, built in 2008 back then when PHCN was still in the total control of Nigerian marketing managers who are only provided targets to deliver, and who pockets whatever is left. Fast-forward to today, everything seemed dire, PHCN is totally private now, and broke Mr. Bantefa is going through a deal of painful challenges to maintain the property. From property taxes, security fees, to repairs, to yearly maintenance, which my neighbor claims gulped roughly 250k o more per year, his property is now a complete liability, and a source of sadness. And oops, I almost forgot, he got robbed twice because he lives alone. They wouldnt dare come to my own crib, not with those Erukus flanking the area.

Meaning: On his property which, he loses 250k yearly

Well, compared with myself. A well-learned property-expert, with just a plot. I slapped down, six units of 2 bedroom flats. I share upstairs with a tenant, and recently got my lawyer to serve them notice that my rent has jumped up from 250k to 300k per year. Thats umm, 1.5million I would be pocketing in. With the tenants, we split PHCN bills, security, LAWMA, etc....Sometimes, I smartly even shelf my wahala on their neck, while they arent aware....hey, im the friggen landlord, and its my house! Anyways, Im living decently, the house is not a pain, and some bunch of scarey looking Yahoo! boys living in the compound are already about to pack-out, meaning I'd be letting another flat soon, pocketing 2 years rent, plus commission and agreement..

Meaning: On my property, I make 1.5million yearly. Meaning, in about 12 years, I'd have made back what I poured on the property minus depreciation.

Seriously, been a landlord is cool. One of the smartest investment ever, depending your capital. I have a client whose properties I manage, and whenever Alhaji is broke, we just have to open the files for pending rentals, and with his 16 properties within Lagos alone, there is always some handful of millions about to be paid by tenants.

Nothing is more empowering. Your property is your temple. You decide what lives on it, that's why we have what they call professional estate agents and managers like me....and thats why we have something called "Agreements." Properties investment has been in existence like forever, it wont be replaced as according to Marslow, the world renowned psychologist who listed the MOST PRESSING HUMAN NEED HIERARCHY....After FOOD, SHELTER is NEXT.

Show off.

aasog1: Been a landlord is cool, and could be disastrous at the same time. Take for instance, the case of myself and my neighbor Mr. Bantefa, we both occupy Abisogun Leigh Close, in Ijesha-tedo, Ajah, Lagos.

Mr. Bantefa, owns a 6 bedroom duplex sitting on two plots of land, a large swimming pool built on half a plot, built in 2008 back then when PHCN was still in the total control of Nigerian marketing managers who are only provided targets to deliver, and who pockets whatever is left. Fast-forward to today, everything seemed dire, PHCN is totally private now, and broke Mr. Bantefa is going through a deal of painful challenges to maintain the property. From property taxes, security fees, to repairs, to yearly maintenance, which my neighbor claims gulped roughly 250k o more per year, his property is now a complete liability, and a source of sadness. And oops, I almost forgot, he got robbed twice because he lives alone. They wouldnt dare come to my own crib, not with those Erukus flanking the area.

Meaning: On his property which, he loses 250k yearly

Well, compared with myself. A well-learned property-expert, with just a plot. I slapped down, six units of 2 bedroom flats. I share upstairs with a tenant, and recently got my lawyer to serve them notice that my rent has jumped up from 250k to 300k per year. Thats umm, 1.5million I would be pocketing in. With the tenants, we split PHCN bills, security, LAWMA, etc....Sometimes, I smartly even shelf my wahala on their neck, while they arent aware....hey, im the friggen landlord, and its my house! Anyways, Im living decently, the house is not a pain, and some bunch of scarey looking Yahoo! boys living in the compound are already about to pack-out, meaning I'd be letting another flat soon, pocketing 2 years rent, plus commission and agreement..

Meaning: On my property, I make 1.5million yearly. Meaning, in about 12 years, I'd have made back what I poured on the property minus depreciation.

Seriously, been a landlord is cool. One of the smartest investment ever, depending your capital. I have a client whose properties I manage, and whenever Alhaji is broke, we just have to open the files for pending rentals, and with his 16 properties within Lagos alone, there is always some handful of millions about to be paid by tenants.

Nothing is more empowering. Your property is your temple. You decide what lives on it, that's why we have what they call professional estate agents and managers like me....and thats why we have something called "Agreements." Properties investment has been in existence like forever, it wont be replaced as according to Marslow, the world renowned psychologist who listed the MOST PRESSING HUMAN NEED HIERARCHY....After FOOD, SHELTER is NEXT.

Show off.

I am suppose to type END TIME THINGS, but i wont.

Seun: Wow, you're a landlord. How did that happen?

*laughs* I'm not. My Dad suffers partial stroke so I manage his properties for him. That said, building a house with tenancy is very good, if my Dad didn't do it, I might have been outta university and working a job.

ichidodo: Show off.

Au contraire. It is informative.

I never know that being a landlord is a career. I beg which university dey run that course make I go write JAMB to study am, it seems to be a lucrative profession.