Things I Learned Dealing with Rent and Mortgage Payments
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Rent Issues
What Being a Landlord Taught Me: Real Lessons from Renting Out My Old Condo
When I first decided to rent out my old condo instead of selling it to help pay for a new property, it felt like a great idea. I figured the rental income could help cover my new mortgage loan—and on paper, that made perfect sense.
This really is a great plan—if you have responsible tenants living in your property. Now, let me not act like things don’t happen. Hard times can hit anyone unexpectedly. But when those times do come, you’ll find yourself with two options as a landlord.
The Hard Way
The first route I considered was charging late fees for each day rent was late. And honestly, this would’ve made sense from a business standpoint. It would send a message that I’m putting my finances and my family’s needs first—which is fair.
After all, your mortgage lender isn’t waiting for your tenants to pay you before expecting their money. Late rent can mean late mortgage payments, which can then hurt your credit history. And no one wants that.
On the Other Hand…
The other option? Show a little compassion.
Sometimes your tenants just need a few extra days. Maybe their payday is after rent’s due, or maybe a true emergency popped up—like car trouble or a family situation.
Sure, everyone should have emergency savings, but not everyone does. So, giving a little grace can go a long way.
And here’s the surprising part: that little kindness might benefit you more than you think. Being understanding could help build trust and loyalty with your tenants. They may decide to renew the lease longer or take better care of your property.
What I Learned
There were a couple of big takeaways from this experience:
- Screen your tenants thoroughly. Do deep background checks and ask the right questions. Yes, people change, but understanding someone’s past can help you make a better judgment.
- Be a good judge of character. Don’t go off paperwork alone. Get a feel for who’s really going to live in your property.
- Save at least a few months’ worth of rent. If rent is late, you still need to pay your mortgage. Having a small reserve keeps your credit strong and stress low.
BONUS: Expenses That Come With Owning a Home
There’s always talk about whether it’s better to own or rent a home. I’m not here to pick a side today. What I will do is go over some of the real expenses that come with homeownership. No opinions here—just facts.
🏠 Mortgage Payments
Just like rent, but it goes toward ownership. That’s one of the best things about having a mortgage—you’re building equity.
💳 HOA Fees
Homeowners Association (HOA) fees usually cover things like landscaping, security, and shared amenities. These are more common with condos and gated communities. If you’re not into doing yard work—this could be a plus.
🏛 Property Taxes
The city will always want their cut. These taxes go toward schools, road repairs, parks, and public services. You can usually look up exactly where your tax dollars go.
🛡 Home Insurance
Coverage varies depending on your plan, but this protects you from things like fire, theft, and liability. If someone gets hurt working on your home and you’re not covered, that could come back on you.
🔥 Natural Gas
Depending on where you live and how big your home is, gas bills can range from small to serious. Winters are no joke—unless you live somewhere that’s warm year-round.
💡 Electricity
You’re going to need this—for your lights, phone charger, TV, fridge, video games, and just about everything else. It’s not optional.
🚿 Water
You can’t live without it—and you definitely don’t want to go without a shower. Basic necessity. Enough said.
🔧 Improvements & Repairs
This covers both upgrades (like remodeling your kitchen or finishing a basement) and essential repairs (like fixing a roof or water damage). Owning a home means these costs are on you.
Other Living Costs
We haven’t even gotten into food, kids, relationships, car expenses, or just living life. All of that stacks on top of homeownership costs.
So take these facts and factor them into your plans. This is just one side of the story—we’ll cover the other side (the renting side) another time.
Summary
To sum it all up—being a landlord isn’t always smooth sailing. Collecting rent isn’t as easy as people make it out to be. Sometimes your tenants fall on hard times, and when they do, that pressure can fall on you too.
So, yes—it’s okay to have a kind heart. But don’t let that kindness put yourself in a tough spot. Help people out when you can, but always protect your peace and your finances first.
Thanks for reading all the way to the bonus section! I really appreciate the visit. Let me know in the comments:
- Was anything helpful?
- Did you learn something new?
- Did you enjoy the post?
Either way, come back soon—and bring a friend with you. Good luck out there!