I need some advice here. I have owned a 16 unit complex in Nashville for about three years. My expenses never exceed fifty percent of my gross rents and I have guranteed rents because 11 of the units are section-8. The area is not the best but manageble. Not too many evictions over the last three years. I guess my gripe is that the complex seems to demand alot of attention. Not so much repairs but the tenants. Sometimes they are the biggest whinners considering how little rent most of them pay. Ever have those moments when you want to just walk away from it all and sell? What do you do when you feel burned out or exhausted? Your opinions would be appreciated…
Thanks
get an assistant. favorably a family member or trusted friend. even if its only temporary if you let them tag along a few times, then have them take over for a few months. those few months could give you a 2nd wind. 90 days of peace and quiet would be heaven for you it seems.
Read that book by Propertymanager. I know you’re already an experienced landlord, but that could be handy for you. Basically he reaffirmed to me in the book - which I’ve already seen/experienced in my own primary business (which has nothing to do with real estate) - you have to be thick skinned and have bal*s of steel to be successful. Tenants, especially low income ones, are nothing but pains. And his book gave me some good tips on how to deal with them.
And hiring a manager like someone recommended in a prior post is a good idea - but a 16 unit property is rather small to have a full-time person. Maybe you can find a part-time manager?
Or better yet - get yourself a voicemail box ($10/mo) or prepaid cell phone, and have tenants leave all non emergency, maintenance voicemail messages there. And just check it once every week or two! Ha! I wish it could be that easy… =-)
Sometimes they are the biggest whinners considering how little rent most of them pay. Ever have those moments when you want to just walk away from it all and sell? What do you do when you feel burned out or exhausted?
Dealing with the idiots is just part of the business. If you’re going to stay in this business for the long term, you’ve just got to make peace with dealing with the nonsense. BTW, that’s true for every business. All businesses involve stress.
Is a property management firm out of the question? I’m not sure what your margins are, but if you absolutely want to outsource the grit, I bet you could find an all-inclusive firm for 12% of gross rents. And they might even handle your evictions for you. :beer
Thanks for all the great tips and advice. In the end, it is all about perspective and accepting the reality of being a landlord. The money is good when it is good and the freedom to take days off as well is a plus. I think I am going to develop a better business plan and focus on my goals then the crap of the business. As property manager said, all businesses have thier moments.
Being my own boss is far better then answering to someone else.