Being a landlord can be a lot of responsibility. You are responsible for all of the issues in your rental building on top of all the tenants in that building.
Nevertheless, individual investors own nearly 20 million rental units in this country.
However, that does not mean that they do not go through landlord stress. If you feel you have landlord burnout, read these tips to see how to manage it.
Have a Fully Funded Emergency Fund
The first thing that you need to do is have an emergency fund. This covers any unexpected expenses and allows your building to remain operational.
Americans are not always the best at creating emergency funds. In fact, a shocking 56% of adults in the country cannot cover a $1,000 emergency.
If you are in that position, you must start building that fund as soon as possible. This is especially the case if you own an entire building.
What if your HVAC system breaks? What if your roof collapses? What if one of your tenants causes significant damage to a wall?
If you do not have an emergency fund, you will add a lot of stress worrying about financially covering these sudden situations. Building that emergency fund affords you the luxury of not panicking if something like this does arise.
Stick to Being Just a Landlord
The next thing you need to remember is that you are running a business. If there is a maintenance issue in your building, time will be of the essence. You can't afford to upset your tenants with how long these issues may take to fix or if the job is not done right.
That is why you need to hire professional contractors. This is anything from someone to install a new roof to someone to take a look at your HVAC system and someone to do the landscaping.
You want experienced professionals here that will do the job right rather than trying to save money in the short term and do it yourself. If you are not qualified to make these kinds of repairs, you could do more damage and cost yourself more money by having to call somebody to clean up your mess.
Being an owner may humble you when it comes to repair skills. Put your tools down and leave it to the professionals.
Hire a Property Manager You Can Trust
If you are overwhelmed at the thought of being a landlord, one solution can help you take a lot of weight off your shoulders. That solution is to hire a property manager to help you run your daily responsibilities in your apartment complex.
You can have someone experienced in this line of work by your side. With that, an emergency fund, and professional contractors by your side, you should be just fine.
Are you ready to get started? Message us here for more details.