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Last week I began discussing the three different types of successful landlords. These are the three types of landlord that I have noticed seem to have success in the land lording business. Again, please remember, that land lording is only one type of real estate investment. There are other ways to invest that I will not go into but the most common for most people and probably the easiest to start doing is land lording.
The first type of successful landlord was the part-timer.

The second type of landlord is the business owner. This landlord has taken his investments to the next level and runs them as a business. This person usually is a full time landlord. The most noticeable difference between the business owner landlord and the other two is the fact that this person will own a lot of property. The business owner must own a lot of property because this property is his main income.

You see a landlord only makes a small profit from each rental unit. When you take into account the repairs, the mortgage, the time when an apartment is vacant, and a landlord may only clear a couple of hundred bucks on each rental unit each month. And in order for the business owner to make the money he desires he must control a lot of properties.

The business owner usually has a handyman or someone that helps him do the necessary repairs on a property. They sometimes do the repairs themselves but more often then not they have a handyman that does a lot of the day to day repairs. Many times the business owner, like the part-timer, is still very hands-on in his business. He often deals with his tenants directly and he handles all the rentals, evictions, and tenant problems himself. The business owner landlord has often started out as a part-time landlord and become so comfortable with it that he decided to take the business on full-time.

Many times the business owner not only has a good income from his rental property, he also has a nice bit of equity from the properties he has owned over the years. The business owner is also notorious for having a thick skin. He doesn’t like to hear tenant sob stories and he often has a stern system in place for dealing with tenants that don’t pay rent. He is often not soft-hearted, at least to his tenants.

He will treat his tenants with respect, but he does not want to be friends and he does not care about their problems. He feels that this is his business and no one is going to affect his income, unlike the part-time investor who may or may not make a profit every month. This landlord depends on the fact that he must make a profit every month or his family won’t eat.

If you are disciplined and feel that you would want to take on this business full-time then this is the position for you. The biggest advantage to this type of landlord is that you have more time for yourself. You don’t work a 9 to 5 job, but you do have to deal with some unpleasant issues sometimes such as evictions, tenant’s attitudes, and a lot of responsibility because you own so many properties.

Next week I will discuss the next type of landlord, the millionaire. Till next time, Good luck and God Bless and remember… If you have any questions about saving or selling your home or any topics on real estate that you would like to know more about please email me and I will answer your questions in this column.

Arthur V. Veal IV is the owner of We Buy Houses Home Services, a real estate investment company. They specialize in buying houses on terms. Buying on terms allows them to purchase houses and pay very near retail prices while still selling the house for a profit. His company boast a 73% success rate when helping sellers sell their property quickly and getting them a price they feel is fair. Find out more about there programs by visiting their site at http://www.sellonterms.com