I'm dealing with a lot of stress...

General Landlording & Rental Properties
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I'm dealing with a lot of stress...

Jayden Hamilton
Investor · O'Fallon, IL 62269 · Member since 2021 · 134 posts · 44 votes

Hey, bigger pockets family. I'm really struggling and getting burnt out with trying to own 3 rental properties on my own with no experience and trying to manage and learn every aspect myself. How can I reduce this stress I'm taking on with the least cost possible? Thanks.

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Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y

@Jayden Hamilton if you think it is stressful being 23 with $100,000 in the bank and at least one paid off property, none of that is normal. At that age you should have boundless energy and be happily working your @ss off to build a future. I am not sure what skill, blessing or luck you had in life that got you so much net worth at such a young age, but you should be thankful instead of stressed. 

Buying an apartment building will 10X your stress and problems. If you get married and have kids, that will 10X your stress. Based on the limited information you provided, it seems you need to hire work done and maybe even hire a property manager. That is the only way to reduce the burden and scale to the next level.

As far as respect, it has nothing to do with age. Respect is earned by how you treat people and the expectations you set.

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  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    @Jayden Hamilton,

    What exactly is stressing you out?   Elaborate and explain the issue and hopefully we can help.   

    No offense, but 3 properties is a cool breeze, on a hot day, walking on the beach!!   

    3Reply
  • Korey Howell
    Contractor · Orlando, FL · Member since 2021 · 12 posts · 4 votes
    5y

    @Jayden Hamilton

    Start working with virtual assistances

    Give me an amount you feel comfortable letting them work with have them call vendors or deal with tenants.

    Attend a Property  management courses

    Look up some local property Management companies

    And start call them and ask for some pointers!

    And I always recommend finding a few core people and have them pay themselves aka give them the opportunity to bonus or create value for you which in turn creates value for them!

    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    Not sure why people are telling you to sell when you have not mentioned all causes of the stress. It's not an easy process and when things go wrong which is a natural part of this business, it doesn't automatically mean you have to sell or cut and run. If you present those issues, it's hundreds of years of collective knowledge and experience here to help you mitigate it. Also, as so many mentioned, a quality property manager will take away nearly all the stress if they know what they are doing. 

    1Reply
  • Mary Paras
    Rental Property Investor · Los Angeles, CA · Member since 2018 · 29 posts · 11 votes
    5y

    @Jayden Hamilton For me, having a property manager is worth it. The only challenge is finding a good one.

    If PM is bad, you need to change them because your stress will be more than without a PM.

    If PM is good, your rental literally becomes passive income because don't do much.

    2Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    @Warren Swede the only thing you specifically mentioned stressing you is a tenant, don't renew.   Not wanting to pay contractors isn't a reason not to hire them.  You have the money to do it, save yourself time by hiring them, time is money. You will make the money it back. 

    0Reply
  • Warren Swede
    New to Real Estate · Bristow Va · Member since 2018 · 20 posts · 8 votes
    5y

    @Colleen F.

    Think you intended to reply to the OP, but I agree with you

    0Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    @Warren Swede hi, sorry,  that pull down menu sometimes gets me. You are correct my response was for @Jayden Hamilton

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Jayden Hamilton Hire a property manager. 

    Irish Jones Realty4.948 Reviews
    View Page
    1Reply
  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    @Jayden Hamilton

    What is so stressful? I rarely ever hear from my tenants, and they all pay on time.

    0Reply
  • Amita M.
    Member since 2018 · 7 posts · 1 vote
    5y

    Stress is a part of owning rentals. As far as being disrespectful, do not take anything personally, inspect property before renting, fix what ever needs to done and choose time to select tenants. Do not put the first warm body. If you own low end rentals, sell them and buy something in a better area in good schools. Stable people make good renters. As  far as property manager, I personally  am not a fan of them. 

    0Reply
  • Terrell Garren
    Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    5y

    You guys may want to read the OPs post history before your spend time here.

    3Reply
  • Luciano A.
    Developer · Houston TX · Member since 2018 · 423 posts · 400 votes
    5y

    @Jayden Hamilton

    Congrats on the success at such young age. You can make money from RE in different ways. You don't have to own rentals to make money. You should find what interests you and what you are good at and items you are not good at then sub out. I understand where you are coming from. I was 21 years old in college and had a very successful business that grew to over 70 employees but age is nothing but a number. It's about mindset and how you carry yourself. 

    Don't beat yourself up and think you lost because you hate to manage or do the rehab/repairs yourself. But dont fool yourself into thinking bigger is better or easier. So many people talk about Multi-Family but by the time they get to pay off bills, investors out they are left with less money than the risk/headaches are worth. 

    If you DM me can share how to overcome being only 23 and trying to do rental business. 

    Best of luck 

    0Reply
  • Jim K.
    Rental Property Investor · Charlotte, NC · Member since 2017 · 271 posts · 259 votes
    5y

    It sounds like you should hire a property manager and not interface with tenants. 

    0Reply
  • Camilla Jeffs
    Investor · TX · Member since 2020 · 1 post · 3 votes
    5y

    I went through the same thing. I think you have "Superhero Syndrome" like I did. In business, you need to focus on Who can help you grow, instead of How can you do it yourself to save a buck? Took me 15 years to learn, but once I made that mindset switch, I was able to grow exponentially with my business.

    3Reply
  • Nadir M.
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Jayden Hamilton

    What are you defining as stress? What’s causing you stress?

    0Reply
  • Mike B.
    Rental Property Investor · Madison, WI · Member since 2020 · 91 posts · 71 votes
    5y

    @Jayden Hamilton

    Jayden,

    First let me say I sympathize. As a thrifty Midwestern kid my instincts about saving money and DIY are exactly the same as yours. However, having been in your shoes, I’m now realizing that (although not easy to find) good contractors are out there who will do good work for a reasonable amount, and that sometimes spending some money will save you SO much headache and stress so that you can finish a job or turn your attention elsewhere. Hang in there, it’ll get better

    0Reply
  • Jayden Hamilton
    OP
    Investor · O'Fallon, IL 62269 · Member since 2021 · 134 posts · 44 votes
    5y

    Terrell Garren Rental Property Investor from Concord, NC

    replied about 3 hours ago

    You guys may want to read the OPs post history before your spend time here.

    What because I'm a young guy trying to obtain as much information as possible legally? It goes to show who you are as an investor and your maturity level for your age. Terrell, that's all, move on. 

    0Reply
  • Lisa King
    San Diego, CA · Member since 2021 · 13 posts · 3 votes
    5y

    @Jayden Hamilton

    Dude…hire people to do what you are not good at or for areas you do not want to grow in. You are not saving money by adding stress and doing a 1/2- great job at the other stuff. Besides if you want to grow you need a team (and a life). Invest in contractors and a property manager- you are investing in your future- and do some good work at school or take a break. I get you are just starting and want to learn the ropes, but stress is no bueño.

    1Reply
  • Sandra Regnell
    Rental Property Investor · Vancouver, WA · Member since 2014 · 68 posts · 37 votes
    5y

    @Jayden Hamilton he means sub out - hire someone to help. I’ve got 2 and found a very reasonable handyman that does mine. The right people helping is a gift from

    Heaven.

    0Reply
  • Account Closed
    Investor · Chatham NJ · Member since 2021 · 55 posts · 29 votes
    5y

    You could also consider investing in a triple-net lease commercial property. In general, commercial tends to be a lot less hands-on, and the huge benefit of triple-net is the tenant (usually a Fortune 500 company) pays all expenses, including taxes. However, I don't know a ton about how to find these kinds of deal, and let me know if you figure it out haha! Another idea to consider would be getting a property manager. If you want to get your time and happiness back, it is worth the expense. With the appreciation and cash flow you are getting, you will likely still make something but have way more time. Isn't freedom and working less why most of us want to get into real estate in the first place? With scale, getting property manager(s) is inevitable. Good luck to you!!

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    5y

    I worked 60 hours a week at my day job and managed over 20 rentals with zero help - in my 30's.


    So, hire a mentor or sell.

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
    WebsiteView Page
    0Reply
  • Eddie Torres
    Rental Property Investor · Member since 2021 · 76 posts · 36 votes
    5y

    @Jayden Hamilton It sounds like the answers to your problems are already in your comments more or less. You have $100k for reserves but you don't want to pay a contractor to make repairs? With that cash and a property being paid off you can't hire a property manager? You don't have a money issue, you have a time management issue. Take it from the successful gurus. They never try to do everything themselves. They build teams of people and develop systems that keep the wheels turning so they have more time to spend with family and doing things they love. I'd seriously research better time management strategies but hiring a property manager and paying contractors are 2 simple solutions alone that will probably at minimum cut your stress in half.

    "Being rich is measured in dollars. Being wealthy is measured in time."

    P.s. Don't sell your properties. You can live off the income when you retire.

    1Reply
  • Edwin Duran
    Orlando, FL · Member since 2014 · 62 posts · 17 votes
    5y

    @Jayden Hamilton

    I am far more interested in knowing how in the world you accumulated the properties and all that cash at such a young age.. impressive for sure.

    2Reply
  • Lindsey Clark
    Real Estate Agent · Miami, FL · Member since 2019 · 64 posts · 31 votes
    5y

    Sometimes you have to look past the amount of money you are spending and look at the value of the service being providing. You could spend your time finding amazing deals but instead you are dealing with tenants and rehabbing your property. Additionally, if you burn yourself out imagine all of the potential money on deals you will miss out on because you wanted to save 10% on property management. I think you have to change your mindset if you are going to scale. You can also leverage technology. There are free apps where tenants can pay rent and automatically be charged late fees. Best of luck. Don't give up. Keep at it. It will get easier. 

    1Reply
  • Erick DuranPro Member
    Rental Property Investor · Norwalk Ca · Member since 2021 · 22 posts · 10 votes
    5y

    @Jayden Hamilton Sit back and be thankful that you made your 3 properties come to fruition. Most people would kill for that. Step back and really think about how you can spend your time wisely. Use an excel sheet to allot your time for the entire week. That would at least let you know if your giving too much time to the things that aren’t useful. Think of it as a time budget. Cheers my friend.

    2Reply
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