Education and news for smart DIY landlords!
Landlords face a number of situations that stress them out. If you’re going to be a landlord or have just started out, make sure that to identify these possible stressors. That way, you can prepare for them. Most importantly, you should be able to manage the stress that comes with running a landlording business before it. You don’t want these business stressors to ruin your happiness, free time, and finances.
Here are a few things that could stress you out as a landlord:
These tips will help you stay sane and run your rental property business more effectively.
While landlord insurance is not compulsory, remember that you have tenants living in your property. You won’t be a covered by a lot of things (for example, loss of rent or property damage caused by tenants).
As a landlord, it’s easy to feel stressed when you’re doing all the work. You need to admit that you need help sometimes. Consider investing in professional services such as cleaning, repairs, and property management. Outsourcing saves you a lot of time that you can spend with your family and for relaxation.
A landlord who’s in a rush makes the mistake of failing to screen tenants or not screening them enough. You could find yourself facing theft, property damage, or lawsuits because you’ve brought in unqualified tenants.
When you are stressed, you have the tendency to eat unhealthily, skip exercise, and lack sleep. Poor health choices cause more stress on your mind and body. To be able to cope with all the demands of landlording, be sure to invest in your health.
The simplest way to stay organized is to put all your paperwork in one place -- inspection checklists, rental applications, invoices, etc. Have a filing system. You can categorize your landlording documents based on tenant, property, month, or year. If possible, keep printed and digital copies.
Issues that remain unattended grow bigger. Avoid the snowball effect by dealing with problems right away. Tenant calls about repairs are common scenarios. By being proactive, you save yourself from a lot of worry and stress.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!