4 TIPS IN AVOIDING LANDLORD BURNOUT
If you’re a landlord, your experience with real estate investment is probably more positive than negative. Unfortunately, though, a sizable minority of landlords – about 33% – report that they would not buy property to lease again.
Part of the reason this happens is because some would-be investors make decisions based on prevailing conditions, which are always in flux. Smart investors know that the way to building a real estate portfolio that yields good returns over the long-term is to stay the course.
Landlords also lose interest in real estate investment because they underestimate just how much effort actually goes into successful property management. Indeed, finding and keeping good tenants, and staying on top of all of the administrative, financial and legal issues can easily become a full-time job.
Here are a few ways you can avoid the landlord burnout trap:
1. Be money-smart
Know exactly how much money you can invest and don’t go beyond those limits. If necessary, consult a financial adviser. Remember as well that real estate investing is a marathon and not a sprint.
2. Don’t let real estate trends rule your life
It’s important to stay aware of what’s happening in the real estate market. But don’t let positive or negative media hype govern your decision to buy and lease property.
3. Do your research
Use the Internet to research the neighborhoods you’re interested in and visit them. Also try to get an idea of the property values in those areas and how they have fared over time.
4. Take stock of your personal and professional responsibilities
A landlord’s job is labor-intensive. If you’re not a full-time investor, know how much time you have available for landlording duties and stick to a schedule.
Another way to avoid burnout is to contact Herman Boswell. Our team of experienced experts can help you manage your property and put you on the road to long-term financial security. Let us help you achieve your investment goals today!