How to Fix your Rental Property Worries

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How to Fix your Rental Property Worries

It is a New Year.  The workout gyms are full and the slate is clean.  Diet plans are in high gear and parents are giddy that the kids are back in school.

(It’s perfectly OK if you fist pumped on that last item–you’re not alone:))

As a Landlord, you may have written down the New Year’s Resolution that THIS will be the year you get your rental properties and business affairs organized.  THIS will be the year that you stop worrying about all the hundreds of anxious moments involved with owning rental properties.  Only question is HOW THE HELL DO YOU STOP WORRYING about it all?

It can be a long and winding process to quell the Mental Monster we all battle with our investment properties.

Perhaps we should consider what JFK said:  “The time to repair the roof is when the sun is shining.”

Right now the rental market is solid.  Right now you’re making great cash flow and occupancy levels are high.  The economy is on fire and employment is stable, which means tenants can make rent payments on time.  So…..perhaps this is the perfect time to pause, grab your 2018 Quickbooks numbers/Excel worksheets, and hide from the world for an hour or two hours at your favorite bustling coffee shop.  Put in the ear buds (you know–the universal signal for Don’t bother me), put your phone into airplane mode to stop the incessant calls/texts/emails/Facebook/Twitter notifications and…..Focus.

  1. Focus on 2018.
  2. Focus on what went really well.
  3. Focus on what really SUCKED.  

FOCUS MAKES ALL THE DIFFERENCE.

In fact, make a list of both categories.  This isn’t for anyone but yourself, so it doesn’t need to be fancy or anything formal.  Write down things like financial numbers (ROI, C/C RETURN, IRR, etc) but also write down the qualitative events, too, like new relationships with new vendors and real estate agent relationships.

Once you have these lists written down, step back from them mentally and look at them as if you were a detached observer who was interested in buying your rental portfolio from you.

  • What questions would the detached observer ask you about your rental activity in 2018?
  • If they asked you these questions, do you know the answers immediately?
  • Most importantly, are the answers easily implemented by you in 2019?

If you’re still stuck on the answers to the questions, that’s OK, too.  The biggest benefit to this exercise is getting comfortable asking the questions of yourself….finding those holes in your roof while the sun is shining.

But make sure you actually do the repair work, too, because we will have storm clouds rolling in here soon.

WILL YOU BE READY FOR THE RAIN?

If Polaris can help you ask or answer the questions, we’re happy to assist.  This is what we do all day, every day.  We’ve seen it all and heard it all and likely done all the same bone-headed things you’re kicking yourself for doing in 2018.  The only shame is not admitting it and then fixing it.

To schedule a phone call or meeting to focus on your improving your 2019 results, here’s our helpful scheduling page https://calendly.com/danbaldini

 

 

 

 

 

 

2019-01-09T10:32:23+00:00January 9th, 2019|Property Management, Quick-Win Tips|