5 Things No One Tells You About Being a Landlord

By JP Fluellen

JP became a licensed real estate agent in 2010 after being a real estate investor for 2 years. He’s been a top real estate agent at Coldwell Banker The Property Exchange and has recently started the Titan Real Estate Team at eXp Realty.

If you’re considering becoming a landlord, it’s essential to understand what happens behind the scenes. Owning rental property can provide a steady income and long-term financial growth. However, it comes with risks that most people are unaware of. I’ve managed rentals for years, and I’ve learned that being a landlord is not always as straightforward as it seems. Here are five things you need to know before you start:

1. Tenants don’t always follow the lease. Once a tenant moves in, they may start making changes to the home without asking. I’ve done walkthroughs and found walls painted bright colors, shelves drilled into drywall, and pets that were never approved. Even though the property belongs to you, some tenants act like it’s theirs. They may not mean harm, but their choices create extra work and costs for you.

2. Some tenants will stop paying rent. This is one of the most challenging parts of being a landlord. When a tenant stops paying, your income stops too. In many places, the eviction process can take months. I used to live in the D.C. area, where it could take up to 90 days to remove a tenant. During that time, you still have to pay the mortgage, utilities, and maintenance while receiving nothing in return.

3. If rent is not being paid, the home is likely being neglected. I’ve seen this pattern many times. When a tenant stops paying, they often neglect the home. It can lead to trash buildup, pet waste, and even pests or rodent issues. You may need to repair damage, replace flooring, and restore the property to a clean, rentable state. These costs add up quickly.

4. Some tenants walk away without notice. It’s not uncommon for a tenant to vacate a property during the lease term. Sometimes they just disappear. You might find the house empty with unpaid bills or damage left behind. I’ve even heard of tenants intentionally damaging plumbing or appliances out of anger. These situations are not common, but they do happen.

5. The most painful situation is when tragedy occurs. There are rare but serious cases where tenants experience personal crises. I’ve had a tenant take their own life in one of my properties. It is a situation no landlord ever wants to face, but it is part of the responsibility that comes with managing housing for others.

So, how can you protect your investment? Tenant screening is your first defense. I always verify income, check credit and background, and review at least 30 days of bank statements. This gives me a clearer picture of financial stability and spending patterns. If someone consistently has a low balance, that is a concern.

Being a landlord can work well if you go in prepared. It takes more than a lease and a good property. It requires awareness, planning, and a willingness to handle the challenges that come with the job. If you have any questions, feel free to call or text me at 307-772-1184 or email me at jp@titanreteam.com. I’d be happy to guide you on how to manage your property more effectively.