These are the hot button issues for most landlords. Being able to pinpoint them and wrap your mind around why they stress you out is a good starting point toward resolution.<\/p>\n
Related:\u00a0<\/strong>The Rookie Landlording Mistake Most New Investors Make<\/a><\/em><\/p>\n Once you know what stresses you out, you can develop a proactive plan for overcoming these issues and finding peace.<\/p>\n Here are some suggestions:<\/p>\n \u201cThere are certain relationships in life that function best when there is a third party go-between to separate the emotions and eliminate the pitfalls that can occur when two parties work directly with one another,\u201d explains Green Residential,\u00a0a Houston-based property management company. \u201cThe relationship between a landlord and a tenant is one of these relationships.\u201d<\/p>\n If you want to avoid some of the friction that comes with interacting directly with tenants, hire a property manager<\/a>. It\u2019s usually worth every penny.<\/p>\n Good tenants equal stress-free landlording. If you want the rest of your experience to go well, it all starts with the screening process.<\/p>\n \u201cScreening your tenant means looking into the information they provided, as well as analyzing outside information you can discover, and coming to a reasonable estimate on the kind of tenant they will be,\u201d veteran RE investor Brandon Turner explained in his step-by-step tenant screening guide<\/a>.\u00a0\u201cI say \u2018reasonable estimate\u2019 because there are no surefire ways to know the future quality of a tenant. As a landlord\u2014it is our job to simply screen effectively and choose the best possible applicant for the property.\u201d<\/p>\n Turner looks for six specific qualities in a tenant: ability to afford the rent payment, willingness to pay on time, job stability, cleanliness and housekeeping skills, aversion to drugs and criminal activity, and a low stress quotient (how much stress they\u2019ll cause you).<\/p>\n Manually collecting rent\u2014either face-to-face or through the mail\u2014is slow, inefficient, and cumbersome. If you want to limit the amount of effort it takes (and lower the stress quotient) try automating rent collection through an online platform. Better yet, require your tenants to set up direct deposit.<\/p>\n Related:\u00a0<\/strong>5 Practical Solutions For Landlords With Rent Payment Drama<\/a><\/em><\/p>\n In an effort to prevent cash flow<\/a> and money-related stress, you should create an emergency fund<\/a>\u00a0for each rental property you own. The fund should essentially be a dedicated cash savings account that has enough money to bankroll your property for three to six months. This will give you something to fall back on in the event of a worst-case scenario.<\/p>\n The role of landlord doesn’t have to be daunting. When done right, it can be exciting!<\/p>\n But in order to enjoy the perks of the job, you have to address the pain points that so often frustrate people in your position. Implementing the strategies above will hopefully pave the way for greater freedom and enjoyment during your tenure as a landlord.<\/p>\n4 Tips for Overcoming Stress<\/h2>\n
1. Hire a Property Manager<\/h3>\n
2. Carefully Screen Tenants<\/h3>\n
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<\/p>\n3. Automate Rent Collection<\/h3>\n
4. Keep an Emergency Fund<\/h3>\n
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<\/p>\nAbove All, Enjoy What You Do<\/h2>\n
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