Do You Really Want To Be A Landlord?
Is Being A Landlord Worth It?
As a real estate investor you can choose how you want your investments to be managed. Just like you can with your stock market account. Do you want to self manage your investments and use the time to commit yourself to learning, and repairing, and negotiating or do you want to have someone else manage for you and potentially add the ease of use of being a “passive” real estate investor to the mix. Will your returns take a hit? Only if you don’t price it in at the purchase. You make your money when you purchase your property, and that is where a lot of beginning real estate investors get into trouble.
Do You Consider Yourself A Jack of All Trades, or A Specialist?
If you consider yourself a jack of all trades, then self management may be for you. Not only does it take time out of your day, and away from your family, but it also requires a lot of different skills to be known, if not mastered. For example, do you know how to correctly do the paperwork for your tenants? This can be the difference from getting them out of your property without any issues, or by getting them out 6 months too late and $10,000 in damages too late. You might also run into some issues if you don’t know how to do your own accounting. Most investors that we know have too much going on in their daily lives for them to spend time caring about the details that go into managing their properties, and then they try to self manage, and eventually end up getting frustrated and getting out of real estate all together, when I posit that if real estate investors were to give up some control to a properly vetted team, then they may actually increase their returns over time and have less stress in their daily lives.
What Do You Do When Your Tenant…?
Have you ever stayed up at night worried about something going on at your work? Have you ever worried enough about something going on personally, that it kept you up at night? Would you like to add the stress of wondering what to do with your property if your Tenant calls in the middle of the night and says there is a water leak? Maybe your Tenant calls you and says that they are leaving the property and they don’t care that they are breaking the lease. What do you do now? The mental stress of actually managing your own property can be a good reason for real estate investors to have their properties professionally managed.
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