Going to quit my landlord job, what you would tell me now?

Question

Hi all,

I’ve been self managed my 2 rental properties for a while and start thinking of selling one of them because I’m so tired of finding a good tenants and deal with them. Good tenants seem hard to find nowadays. Hired a PM before but my property stays vacant for months so i took it back. Im thinking should i sell one and take some cash and enjoy my life a bit while im still young. I will still be ok with no rental as i have a fulltime job but the rentals really stress me out and there is no ending troubles with tenants and live a stressful life. What would you tell me now to encourage me to keep my rentals or finding another investment source?

Thank you!

Jacob Sampson · Answer

@Alan Grobmeier it's probably not accurate to say I self manage.  I have built enough relationships over the years to self manage through contractors.  I have a friend of the family that wanted a little side cash so she handles phone call, emails, texts, and showing the properties.  Then I have a maintenance guy I have used for years that handles all the work.

So I am involved and interacting with my contractors every other day or so but they are doing most of the leg work.  I have found I can get the job done for much cheaper than using a traditional PM.

Alan Grobmeier · Answer

@Jacob Sampson, 38 doors AND a full-time job?  I'm impressed.  I have a former partner who is around door 40ish.  It's his full-time job.  He does it all.  But it's Class D/possible war zone.

I do Class B+/A- and I can't imagine much more than 20 door with my full-time job.  And my model is fairly automated.  Hard to automate tenant move-ins/move-outs.  LOL.

Jim Cummings · Answer

@Yannie Ko. From your post it's evident you need to get out now for your own self peace.

Yannie Ko · Answer

Thanks all for the advices! I will try for another month and if no luck finding tenants i will sell it.

Melissa Ward · Answer

There are a ton of ways to make money.  None worth doing are easy.

If you prefer your full time job and don't want a side gig as a landlord, then sell and enjoy.

If you want to try to stick it out, find people and systems that will make it easier.  Is it worth it to pay an agent to find tenants for you?  Is it worth it to use software with background checks built in?  Is any of it worth it? If you are that frustrated, sell, take the cash and find a side gig that sparks your passion.

Taylor L. · Answer

If you want out, get out! There are many other ways for busy professionals to invest in real estate.

Theo Hicks · Answer

I would consider finding a local owner who also managing properties. Or interview a handful of local management companies, making sure they don't have the same fault of your first hire. Don't give up just yet!

Yannie Ko · Answer

@Taylor Roeling

Im pretty good at doing all the landlord stuff like advertising online, rent payment etc. just seems cant find good tenant that meet my requirements. Most people apply but dont even read the ads or some lies when i asked prescreening question before showing them the unit. Most of the time when i asked questions before showing unit they will just disappear as they know they dont qualify. Some said no eviction but then it showed on their background check not only 1 but 2. Im pretty firm when the ex-tenant told me to pay rent late i posted 3 days notice on their door on the 3rd. Been looking for tenant for a month and still dont have anyone that qualify basic income requirement not talking about credit score as most of them are bad anyway.

Taylor Roeling · Answer

@Yannie Ko I'm sorry you are frustrated! Being a landlord is definitely not easy, but it can be well worth it in the future. You say you are having trouble finding good tenants? I'm wondering what type of tenant screening you use. Besides doing a criminal background check and credit report, doing things like meeting them in-person, checking to see if their car is clean, and just getting to know them better are some ways to ensure you have a trusting tenant that is a good fit for you and your property. Also, if you are having trouble finding tenants at all, market syndication is probably a good idea - this means using a property management software that will post your listing on all the major websites! On Bigger Pockets under the tools tab, then under services, you will find landlord resources - check it out: https://www.biggerpockets.com/tools/landlord-resources

Yannie Ko · Answer

@Jacob Sampson

The first property was a good deal as the equity is 75k now compare to the price i paid. And cashflow is good if it get rented. So im wondering if i should sell it and get nice cash out rather than collect rent every month.

Going to quit my landlord job, what you would tell me now?

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