How do you handle stress of owning rentals

Question

My rentals have had 2 separate floods a dryer and a washer go all in 3 days. Can’t sleep. How do I handle the stress? Does it get better?

Wesley W. · Answer

These things come in spurts.  You'll have weeks or months of serenity and then BAM.  Rome is burning!!!

A fellow landlord told me this years ago and goddamn it if it doesn't prove itself, time and again.

If you understand and accept that's the "feng shui" of landlording, the low points are easier to take in stride.

Theresa Harris · Answer

If you are worrying 24/7, then this isn't for you.  Yes there are periods where things go wrong or are unknown...and they do tend to happen in spurts.  my latest was 2 washing machines breaking, a chimney needing to be rebuilt and evicting a tenant and then paying to clean up the mess.  At the end of the day, I will have a new chimney, a new washer dryer (it was a stackable and older), a gently used washing machine and a new tenant who is paying $300 more a month than the previous one.

Filipe Pereira · Answer

It definitely gets better @Anthony Morvillo. You know what they say, the only way to go from the bottom is up!I try to exercise 3-5 times a week. I mean really exercise. Drain yourself. It does miracles for a good night's sleep.

Sometimes I can't help my mind from running 100 miles an hour right before bed, so I turn to an app that narrates "wandering stories". These stories have no real plot / hook so it's easy to fall asleep to as it helps pull your mind from whatever you were thinking of.

Anthony Morvillo · Answer

@Filipe Pereira thank you so much!

Bjorn Ahlblad · Answer

@Anthony Morvillo A clear conscience is the most powerful sleeping pill there is. This business is full of surprises that come in fits and starts; and they usually cost money! Don't react. Just do your best everyday. No one can ask any more than that. As long as you have done your best that is all that is required for a clear conscience.

Sam Abazari · Answer

@Anthony Morvillo I always feel that way too - either nothing happens at all, and life is all well, or everything that can go wrong goes wrong at the same time. It's why property management exists - to make sure that during those periods of nothing going right, the effect on your OWN personal daily life is extremely minimal. Of course, property management isn't for everyone, so ultimately it boils down to what you prioritise, and whether you think the stress involved is worth the saved costs.

Steve Morris · Answer

S*** happens.  Not to be cavalier, but use it as a lesson on your properties:

1) Make sure you're setting aside reserves and your prop generates enough free CFBT for emergencies

2) Do a life assessment on mechanicals.  e.g. water heaters are a 15 year life.  If you've got a bunch that are pushing 30 years, you're very fortunate - Today.  Plan for replacements

3) Look at major structures, your biggest issue is moisture invasion.  Fix it NOW, waiting makes it more expensive.

4) Once you go thru cycles and deal with stuff, it'll be better.  It's just dealing with any problem the first time is a stressor.

Anthony Gayden · Answer

Hire a good property manager. It takes a lot of the stress away.

Josh Bakhshi · Answer

You will do fine.  Understand that this is a business.  Everyone that shares their success stories also had plenty of issues to overcome.  If this was supposed to be easy then it shouldn't be profitable.

Brian G. · Answer

@Anthony Morvillo honestly my stress is mitigated by prayer, exercise and healthy reserves.

How do you handle stress of owning rentals

Most Popular Reply