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Last week we discussed another type of 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. The last type of landlord is a bit different from the other two. This landlord really isn’t a landlord at all. He comes more under the title of a land owner. His characteristics are completely different than the other two landlords.

The third type of landlord is…The millionaire.
The millionaire is a successful investor. The millionaire has usually made a good amount of money in some other business. The business may or may not be related to real estate. He has gotten into rental property because he understands that it is a great way to get a fair return on his money. Often times the millionaire may have very limited experience in real estate. The difference between the millionaire and the other landlords is that the millionaire is willing to pay for experience. He has the ability to hire a management company that will deal with all of his tenant and building issues.

The millionaire’s only responsibility after that is to manage the management company. Since he is already successful at another business, he often finds it easier and more effective to manage the managers instead of the tenants. Another big difference with this landlord is the fact that he may or may not have a lot of different properties. More than likely the millionaire owns very large properties. He may own one large property or several large properties; the properties may be commercial rentals or residential rentals and often even in different states.

You see the millionaire does not have to deal with the day to day duties of any properties so it doesn’t matter to him if the property is in Chicago or Florida. He just looks for the right deal to buy, and then puts the right manager in place to manage his investment. If the manager doesn’t perform up to his expectations he simply hires another manager and continues his business.

The millionaire often uses real estate and land lording as a way to put his cash that he is not using to work for him. He will take a lump sum of cash, buy a large building, let a management company manage it for him and when he looks back on the investment in a couple of years he has gotten a steady return on his money and the building has appreciated.

The millionaire is also not concerned with evictions, or tenants not paying rent. He has management companies that handle those details for him, also he has enough units and buildings that one or two vacancies will not really affect his income greatly.

This is the type of landlord you can be if you need to put some of your idle cash to work and get a great return. You don’t need much experience to be this type of landlord. You need CASH! You will be paying for other peoples experience and time.

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 Veal is owner of We Buy Houses Home Services. We Buy Houses Home Services is a real estate investment company that specializes in renting to own and selling on terms. They have helped hundreds of families sell their houses on terms. They also specialize in private mortgages and work with several passive investors through their site at http://www.earnasecuredreturn.com