Running rentals alone---- Dealing with discouragement

Running rentals alone---- Dealing with discouragement

Member since 2020 · 22 posts · 12 votes

So I put years of work into renovating a couple run down buildings to provide apartments for people, did all the work myself and then was laid off my job.

Since then I've been pursuing this dream of being self employed before its all over. I have 5 units in total and can't afford any more.... but have found since with tenants its just been one crisis and drama to the next endlessly. 
They come and go like musical chairs. I just had one bolt mid lease leaving huge amounts of garbage I have no way to dispose of.

As I'm struggling to clean up and renovate hers, the guy in the apartment next door tells me he's moving to 'a better neighborhood' because someone broke into his car out front. He then proceeds to say the tenants upstairs have 'destroyed' that apartment and it will need to be gutted when they leave, hey says they are filthy and have brought in roaches. I paid for an exterminator I say. Well they're back.
Who can tell people how to live? They won't listen, and they won't clean and I'm not their maid.
I background checked extensively, this was a big surprise.   But they're the only ones staying and paying rent! And I had put so much work into their apartment, new carpet, painted, fixtures and on. Now its destroyed.

The amount of take home pay with the 5 units is practically Taco Bell wage after all the taxes insurance and expenses.
I know well I need to do more; I'm just getting by but can never get caught up.
I have big items backing up now like a garage roof tarped I can't afford to reshingle, a back fence falling apart at my own home, leaning trees that need taken out.... All waiting until I can start a second income, but where is the time?
Now I have to renovate two more apartments which will set me back two more months.
The family is merciless they tell me to 'go get a job' if I have money problems, friends act jealous.... and everyone on line hates landlords.   My family has no tolerance for my wanting to be self employed, to me going back to a full time job is giving up and they completely ignore that.   But I can't find anything else I can do on the side for income that is self employed, that works.

How do people deal with the discouragement? I have no choice but to go on but its just so discouraging doing all this alone.   And what are people doing for additional money, besides just going back on the wheel and working for someone else.   Because to me if I have to do that, I may as well give up on all this altogether as a failure and go back and sit in an office cube until death, lol.

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Ty CouttsBusiness Member
Lender · Denver, CO · Member since 2022 · 467 posts · 230 votes
2y

Hey man,

It sounds like you're going through an incredibly tough time. The challenges of managing rental properties on your own, especially after investing so much time and effort into renovating them, can be overwhelming. Dealing with problematic tenants, constant maintenance issues, and the pressure from family and friends who don't seem to understand your vision can make it all feel like an uphill battle. It’s discouraging when tenants don’t respect the property and create more work for you, especially when you’ve put so much into making these apartments livable and welcoming.

One thing that might help is considering professional property management. It can be an added expense, but it could save you a lot of stress and time in the long run. Property managers can handle tenant screening, maintenance issues, and rent collection, freeing you up to focus on other aspects of your business or even new ventures. This might help you get a bit of breathing room to address the bigger maintenance issues you mentioned, like the garage roof and leaning trees.

It’s also important to find a support system, whether it’s other landlords who understand what you’re going through or a mentor who can offer advice and encouragement. There are online communities and local groups where you might find like-minded people facing similar challenges.

Exploring additional income streams that align with your skills and interests could also be beneficial. Since you have experience with renovations, perhaps offering handyman services or consulting for other property owners could provide some extra cash flow without tying you to a traditional 9-to-5 job.

Dealing with discouragement is tough, especially when it feels like the world is against you. Remember why you started this journey in the first place and focus on your long-term goals. Small wins and progress, no matter how incremental, can help keep you motivated. Don’t hesitate to seek professional advice for financial planning or even emotional support if things feel too heavy. Your vision for self-employment and independence is valuable and worth fighting for, even when the path is difficult.

Ty Coutts - Aslan Home Lending 544 Reviews
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  • Ty CouttsBusiness Member
    Lender · Denver, CO · Member since 2022 · 467 posts · 230 votes
    2y

    Hey man,

    It sounds like you're going through an incredibly tough time. The challenges of managing rental properties on your own, especially after investing so much time and effort into renovating them, can be overwhelming. Dealing with problematic tenants, constant maintenance issues, and the pressure from family and friends who don't seem to understand your vision can make it all feel like an uphill battle. It’s discouraging when tenants don’t respect the property and create more work for you, especially when you’ve put so much into making these apartments livable and welcoming.

    One thing that might help is considering professional property management. It can be an added expense, but it could save you a lot of stress and time in the long run. Property managers can handle tenant screening, maintenance issues, and rent collection, freeing you up to focus on other aspects of your business or even new ventures. This might help you get a bit of breathing room to address the bigger maintenance issues you mentioned, like the garage roof and leaning trees.

    It’s also important to find a support system, whether it’s other landlords who understand what you’re going through or a mentor who can offer advice and encouragement. There are online communities and local groups where you might find like-minded people facing similar challenges.

    Exploring additional income streams that align with your skills and interests could also be beneficial. Since you have experience with renovations, perhaps offering handyman services or consulting for other property owners could provide some extra cash flow without tying you to a traditional 9-to-5 job.

    Dealing with discouragement is tough, especially when it feels like the world is against you. Remember why you started this journey in the first place and focus on your long-term goals. Small wins and progress, no matter how incremental, can help keep you motivated. Don’t hesitate to seek professional advice for financial planning or even emotional support if things feel too heavy. Your vision for self-employment and independence is valuable and worth fighting for, even when the path is difficult.

    Ty Coutts - Aslan Home Lending 544 Reviews
  • Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    2y

    Maybe learn to DIY some of the things yourself.

    Have you thought about trading the fiveplex for a Class B duplex in a Class B neighborhood and move into one of the units and rent out the other??

    Just my 2 cents.

  • Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    2y

    I would get job and do this on the side. You need consistent income. 5 units is not enough to keep you afloat especially with your situation. I would also get a PM to help. What do you owe vs what is it worth? If the units are occupied what would it bring in? 

  • Brady GrubbPro Member
    Rental Property Investor · MD · Member since 2022 · 10 posts · 2 votes
    2y

    It can be discouraging at times and sometimes you have to take it on the chin all at once. If you have owned the properties for a while, take a look at appreciation and loan pay down. Realize how far that you have come, and look at the projected next 10 years to see what you may have coming. This is usually what gets me excited again and ready to tackle the issues head first and get back on track. You cannot change tenants and unfortunately most will not treat your property like their own. At this point maybe it is time to seek a GOOD property manager or at least seek advice from one. A GOOD property manager can go a long way, and potentially save money/discouragement that you are enduring. As for going back to work, I had a very successful investor tell me that you need to have constant cash in the beginning of your REI career. Whether it be from flips, wholesaling, or even a W2 job. If the rentals aren't performing well, you'll have a steady income coming in. There will always be problems that arise with rental properties, but having a regular income to dip into if needed is important. As more properties are acquired and cash flow grows, this mindset may change. Stay focused and in 10 years you'll be glad that you kept up with it. Good luck with your endeavors.

  • Orlando, FL · Member since 2024 · 8 posts · 1 vote
    2y

    Hey CR, I’m just commenting to show you some support. As a property manager for over 5 years, I definitely know that it can be a tough and thankless job at times.

    There are specifics in your post that I won’t go too much into here, but I think a professional property manager would handle some of these situations differently.

    Management tasks like enforcing lease agreements and handling delinquent rent can be difficult, especially when the tenants know you are the owner/operator. They can also be more taxing when you haven’t dealt with those types of situations before or frequently.

    Keep the faith – not necessarily in this property or even in being a landlord at all - just in that there is always opportunity and every moment is a new moment.

    It sounds like you’ve worked very hard, and you should take pride in that.

  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @C Rutherford you may not want to hear this, but:

    YOU CANNOT SURVIVE OFF THESE 5 RENTALS!

    So, you need more income:

    1) Day job
    2) Wholesale real estate
    3) Flip real estate
    4) Can you do handyman work for other investors & Realtors?
    - Great way to network!
    5) ?

    Also, your screening process either needs major improvement or your units are in a Class D neighborhood - and this is the tenant pool you have to deal with.

    Why don't you "shop" your local competition and at least see what competitive units look like? What is their showing & application process? 

    Join a local real estate investors group to learn more.

    Logical Property Management4.9455 Reviews
  • Member since 2020 · 22 posts · 12 votes
    1y

    I'm back here again  :/
    Frankly I am really feeling down tonight.  Years doing this and I need to pivot and find some other solution, some way out of this.   I'm at rock bottom, and I'm stuck.
     
    My life's goal was to be self employed, I didn't really care what line of work.
    And I certainly put a ton of work into this business idea.  And its working.  I have a business and I'm running it all by myself.  But I can't afford to hire any help--- in fact with recent events I don't even know if I'll make bills this month.  

    I'm still stuck with the 5 units.  I can't afford more, nor do I want to take on more.

    I am able to do repairs on my own, and I do everything I can. I even mow the lawns.    But I'm putting in all these hours keeping the whole thing going alone...managing my own life and crisises....  and can never seem to find the time to start a second income.   Because it seems every other month someone moves!
    And that sets me back a month of work renovating, cleaning, interviewing, and signing someone else.

    This is probably the worst time ever.   I first had someone I screened so carefully ditch on their lease and not pay rent, and they left me with an entire apartment full of furniture- upstairs, no less.   It took me all month to get the furniture sold and out, at garage sale prices- and to get the apartment cleaned.  And I started interviewing.  Then tonight I got the most devastating news.

    The worst apartment, that the senior and her do-nothing son trashed and filled with roaches with their surprisingly filthy lifestyle I mentioned earlier.   They're MOVING.
    I got the news from a downstairs tenant tonight I called that was late on rent.  She says furniture has been banging over the floors and going down the stairs all night yesterday, being moved out.  Apparently the son got disability apparently, so they're off to trash a new place.   They'll be out by the 15th.   And of course, no longer paying rent.

    That gives me just 2 weeks to get the currenty vacancy rented, then I will have hiroshima to clean up with the next apartment.   And no rent money from them to pay my own bills, let alone renovations.    Not to mention tax bills and property insurance I need to save for.  And the roaches they brought in, that the other two tenants in the building are already complaining about- one suggesting she may even move herself.   Can I even get rid of them?   Its overwhelming to say the least.

    Maybe I need to sell and get out of this.  But I don't know what else to do.  If I sell, I won't have any income, and will lose what equity I have just living.

     
    Do I give up on being self employed?   I don't want to give up, but what can I do if I get out of housing people.  They are too destructive and unpredictable.  
    I thought I would just have 5 units and have another business on the side, but this is a full time job housing humans and not really making much money after all the bills and stress.  There has to be a better way  :/

    I know people have given advice already.  I'm looking at it.  I'm just wanting to talk about ideas more.










  • MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
    1y

    Sigh I feel for you. Getting a property manager to free you up to get a job and stop the bleeding is not giving up on your dream of being self employed. Wanting to be self employed, which quite frankly is overrated in many ways doesn’t just happen because you want it and work hard. The business has to be solvent. All successful self employed people have learned the value of a pivot. Continuing the same path for another year is unlikely to yield different results. Try not to view things as  black and white, all or nothing. Be proud of what you have set in place but pump the brakes, get a job and reassess when your finances are more stable. Believe it or not this has been a valuable learning experience that will serve you well in future endeavors. 

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