It was an amazing 3rd day in NWA 2010 in Expo Singapore! I am so blessed by the sharing of so many profound speakers such as Keith Cunningham, Darryl Reeves, Courtney Smith and Scott Schilling in the last session of the day. These speakers are Enlightened Entrepreneurs and they have a big heart to Make A Difference in people's life. During the session, all of them have indicated common core values in Integrity and serving people with the HEART.
I can see from their eyes and feel from my heart that these are truly TEACHERS who want the best for their students. To me, they have achieved ABUNDANCE in WEALTH within them, which is beyond the earthly material wealth which most people are blindly chasing.
Have you ever thought - What is your Mission in life?
Good Landlord, Bad Landlord?
ReplyDeleteWhile collecting rent is known as one of the surest and easiest ways of accumulating passive income, have we considered ethical implications of the modern day equivalent when centuries ago, Landlords were often seen as oppressors and bullies?
For example, when is it fair to increase the rent and when is it right to evict a financially desperate tenant who cannot continue to service the rent? Perhaps an efficient and unforgiving landlord can achieve financial freedom faster, but at what ethical cost?
For the existing and budding landlords out there, where do you draw the line? Lets share views :)
Hi James,
ReplyDeleteWelcome to my blog and thanks for your contribution!
First of all, let's talk about real estate as passive income. I agree with you fully that real estate is one of the stream of passive income that most people would like to enjoy. In fact, most rich people have more than 50% of their portfolio in real estate.
On Good vs Bad landlords, it all depends on the core values of the owner. I learned from my wealth coaches that how a person deal with money is the reflection of the core value the person holds in life. Money will either make someone a better person or make him worse.
Having said that, as a real estate owner, you do want to make profit and ensure that your tenant pays you timely. If the tenant cannot afford to pay the rent anymore, the least the owner can do is to allow grace period for the tenant to move out or go an extra mile to refer a cheaper option for the tenant to move to.
As an avid investor, we can't afford to trade ethics at our expense. The least we can do is to offer a helping hand or show the tenant how to fish. As the old saying goes "Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime. ".