Landlord Doesn't Have to be a Dirty Word

(Page 5 of 5)

September/October 1977
By Linda Crew  
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The results of such advertisements have, for Cathy and Larry, been unexpectedly good. Even during a housing surplus, they had people standing in line to rent their first house. (Now, of course, the Passmores don't have to advertise. Word has spread about them, and their units are in great demand.)

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NO STRONG COMPETITION

Larry Passmore feels that the lack of strong competition is one of the most attractive features of the apartmentrenting business. In many fields of endeavor, it's difficult (if not impossible) for newcomers to compete with established concerns. Not so in the property-rental business: The minute you put a unit up for rent, that unit has as much chance of being taken (all things being equal) as any apartment in town. And-since many landlords don't even try to please renters-it's not difficult to offer a much superior item . . . and reap the rewards thereof.

A MEANS TO AN END?

A stint as a landlord could be a great way to raise money to buy a small farm ... but the Passmores would be the first to caution you against entering the business just for that reason. Cathy and Larry argue that it's hard to enjoy doing something if the activity in question is only a means to an end. "The whole idea is to really love what you're doing now," Larry explains. "We see so many people working at jobs they hate. They keep telling themselves that they're just going to save a little more money and then do whatever it is they really want to do. But they never make the change.

"We like our work and we like having the time to do the things we want to do. To us, this is what's important."

Who knows, though? You may well find (as Cathy and Larry Passmore have) that you really enjoy purchasing, fixing up, renting out, and paying off old houses. To say it another way: You may well find-once you've tried it yourself-that "landlord" really doesn't have to be a dirty word!

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