Like Fred and Ethel Mertz, those madcap but lovable landlords of I Love Lucy fame, you may have dreamt of managing a property with tenants or maybe just renting out the upper or lower floor of your house or perhaps buying a condo and having someone else pay off the mortgage.

So what’s holding you back? Are you afraid you’ll get the tenant from hell? Or maybe you fear you’ll be too soft on tenants who can’t pay their rent on time. Maybe you just don’t like people well enough to want to surround yourself with virtual strangers. With interest rates as low as they are, with Toronto’s red-hot real estate market and given the numbers moving to the city each year, now might be the time to consider diving in.

We designed a very unscientific test to see if you’re cut out to manage a rental property. Give it a try:

1. Handyman is a word that: _________

A) Gets your heart pumping with happy thoughts of many visits to Home Depot.

B) Is properly used for your skills as a grass cutter, eaves-trough cleaner and window washer.

C) Gets overused. I like repairman, as in phone one.

2. You and your partner’s financial goals are: _________

A) Completely simpatico.

B) On the same page 40 per cent of the time.

C) News to me. I had no idea my partner had financial goals.

3. Your idea of a rainy-day fund is: _________

A) Two per cent of the purchase price for maintenance and repairs plus more in reserves for unforeseen occurrences such as tenants failing to pay their rent.

B) Putting aside a few bucks for upkeep when it’s convenient for me.

C) Money you spend to lift your spirits during a downpour.

4. You see tenants as: _________

A) Valued and respected members of society just like me.

B) Good people for the most part.

C) Cash cows.

5. As a landlord, being hassled by tenants would mean: _________

A) Continually having to chase down those who didn’t pay their rent on time or having abusive renters who destroyed my property.

B) Sending out rent receipts on a regular basis.

C) Having to speak to them.

6. In conflict situations, you: _________

A) Always remain cool, calm and collected, handling each quarrel decisively with firm resolve and fairness.

B) Hesitate and change my mind several times when dealing with big issues.

C) Yell

Results:

If most of your answers were a’s, congratulations, you’ve got what it takes, you, landlord, you. Property management is right up your alley.

If you mostly answered b’s, you have some positive landlord qualities, but you might want to take a course to brush up on the rest. Workshops and courses are available. Check online in your area. You also might want to consider joining the Ontario Landlords Association, which offers discounts on credit checks plus other benefits.

If you scored mainly c’s, well, maybe you should leave your money in the bank.