7. Understand What It Means to Be a Landlord You hear all about the cash flow and capital gains investors earn but do you really know what it means to be a landlord? It doesn’t just rain money, and you sit back and enjoy it, although that sounds amazing, right? Being a landlord means responsibility. You own the property and are responsible for all financial and physical aspects of it. This could mean 3 AM phone calls for emergency repairs, dealing with renters who don’t want to pay, or unexpected vacancies that require you to find new renters. This is why having the dream real estate team on your side is important. You need someone covering your legal rights, a company to handle emergencies, rent issues, and finding new tenants, and someone making sure you follow all tax laws.