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Landlording can be exceptionally profitable and fun. But when done wrong, it can leave you fixing toilets at three a.m., crying into your pillow at night, and wishing you chose a different profession. It’s all about learning how to become a great landlord.
No, you can’t just charge “whatever you want.” Rent is dictated by supply and demand—charge too much and you may not get any prospective tenants.
It may seem cruel, but I always charge a late fee—and I make it known ahead of time about this policy. I don’t know how many times I’ve had a tenant call with a claim of not being able to pay the rent on time, but as soon as they discover I’m going to charge them a late fee, somehow they always seem to find the money.
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