No one likes to hear the truth, not even me. They say it can set you free, but where do they say it can tick you off? The truth is hard to hear especially when it really is the truth and just not someone being a frickin critical jerk. We have all had those types in our life haven’t we?
So listen up to this truth and decide if I am being that critical jerk or really telling the truth:
Landlording Sucks
Clearly, there are really, really good landlords that have somehow mastered this world where people are more known for not doing what they say they are going to do (like pay their rent), than actually keeping their word.
See, some people have a great sense of intuition. They can read people better than these people can read themselves. BUT, this is some innate gift that comes down from the Heavens, because I know a lot of Investors/Landlords and most just don’t have this sixth sense.
That’s okay, don’t fret! You don’t have to be one of these truly gifted humans that seldom has things go wrong in their life. There is help for you! YES, real live help and it is called:
Knowledge!!!
The only way to truly get good at anything is knowledge. This new found knowledge can take practice, and with time, life lessons, and more practice, landlording can suck much less than if you had no knowledge.
There are courses, books, articles, and other landlords that offer advice.
“The first step is to acknowledge that Landlording sucks, and the second could be to look at whether you play a role in it.”
Do you hate landlording because you don’t have strong boundaries, and the very thought of holding someone accountable for their actions make you cringe? That’s okay…the key is to find a heavy. Yep, go hire an Ex Marine, or a boxer, and let them deal with collecting rents or making those uncomfortable phone calls. I will tell you that there needs to be a precedent set in the very beginning with people.
Sit down with potential tenants and tell them what you expect. Do a walk through with them, and let them know how you will handle repairs or service calls in the future. Enforce rules that you have outlined on your renters agreements and don’t turn the other cheek.
Do not let a tenant ramble on and on with every excuse in the world as to why he can’t pay you rent. You don’t have time for it. If you show weakness with tenants, you are asking for trouble down the road. If you hate trying to get your places rented, or dealing with issues, it is worth it to pay someone else with a much better attitude because your attitude will come through loud and clear doing these activities.
Accept the truth about what it is that is makes Landlording suck and find a solution ASAP.
The sooner the better!
Delinda has bought and sold over 150 properties, been involved in hundreds more through consulting, mentoring, and coaching. It doesn't matter if you are burnt out, new to the game, a lousy rehabber, seasoned, successful or just plain curious, I encourage you to learn about the wonderful opportunities real estate investing can offer people. I am sure not the sharpest tack in the box, so if I can do it, you can, too.
