05 Jan Rental Properties – Not Always Smooth Sailing
As a landlord, whether you are just starting out or have years of experience, there are always going to be bumps in the road. You can be well organized, prepared and have all the best systems in place but eventually there will be a crack in the armor. And when these cracks appear, how you handle them is what matters most.
What Can Go Wrong?
From poor tenants to costly property repairs, things don’t always go as planned. On the tenant side, some people are very savvy and have made lying an art form. When they get past your radar and take up residence they can make your life very difficult until you can remove them. Regarding repairs, sometimes the rental property you purchased can turn out to be a bit of a money pit with far more expenses than you anticipated.
And sometimes, when it rains, it pours. Everything seems to happen at once – like one property remaining vacant for an extra month or two, and another with some major repairs that need to be done – putting a real strain on your finances.
When big hardships come up, it’s easy to think, “owning a rental property sucks” or “my friends were right – why did I ever think this was a good idea? Dealing with tenants is a nightmare”. Getting caught up in that type of thinking tends to spiral and the next thing you know you’ve sold your rental property and are now advising other people not to do it – it’s not worth it.
Here’s Some Advice That Comes From Experience…
The best solution for any problem related to your rental property (and life too for that matter) is acceptance.
S*^t happens. Things don’t always go according to plan. Sometimes they’re so far off the plan that you can’t even remember what the plan was. Lol. It is what it is, so the best thing you can do is deal with it, learn from it and add it to your wealth of experience to help you with things in the future.
Don’t freak out and don’t give up! Take it in stride, do what you need to do to fix what you can at that point in time and stick to your long term plans and goals.
It’s All Worth It In The End
Despite all the bumps in the road – owning rental properties is one of the best decisions you have ever made and it will go a long way to increasing your wealth and helping you achieve your financial goals. Stay positive and good things will always come your way.
Sometimes you have to ride over the bumps in the road to avoid running off a cliff. Other times you may have to fall into the potholes to avoid hitting the trees. Some days you have to experience the wrong turns, to recognize the right ones. There is no better navigation system than bad experiences in life so that we can recalculate our lives through better choices to reach our intended destination. Eugene Nathaniel Butler
To your success!
Are you interested in buying and managing your first rental property but don’t know where to begin? Check out my eBook on Amazon which brings all the information you will need to one place.
My Rental Property Coach