05.30.14 Do I treat Real Estate Investing as a Hobby or as a Business?
Cruising back through Mike Butler's Landlording on Autopilot wondering if I'd create a new tenant training binder, when I came across this:
Do you treat Real Estate Investing as a Hobby or as a Business?
Involved in repairs and maintenance
Buy weird things to save money
Show vacant units
Travel to get partial payments of rent
Lose desire to get to next level because believe it will get worse
Business owner's attitude
Never knock on doors for rent
Never get calls at home or on cell
Tenants don't know the owner
Never go to court
Never cut grass
We haven't cut grass in a long time and have systems/processes, and we have yet to need to go to court, but we are still very hands on and are indeed feeling maxed out. I was reading a post about screening tenants without needing to talk to them and got a bad taste in my mouth, and love how this business gives us plenty of things to talk and laugh about, so I think I'm comfortable being closer to the hobby end of the spectrum and not going after millions...