I used to think I owned rental property. It was fun to work "about the task of building a portfolio." Endlessly cutting around town - never a dull moment... Buying rentals is great... I love it. If you've done it aggressively, you know what I mean. And you'd probably agree if you've done it for any length of time that: If we're worth an "ounce of salt" in this business - we all are. We're all good at it. You didn't get this far being silly or uneducated. You've gotten this far because you work at it, and you work at it hard. Hard.
Working tenaciously to acquire rental property is a delightful task. The deals were abounding (then very much so, but now more than ever) and I was "just eatin' it up" how my day to day business life felt as though it was growing in depth everyday. The hustle was finally getting a little bustle and I was getting into a groove. Building a rental portfolio is exhausting work - As I'm sure many of you know. You're doing everything you do (to keep doing what you're doing as a dentist, house-flipper, school teacher, etc.) and yet, you're picking up a new assignment with every hour:
- Pay this insurance bill
- Transfer this amount to your "Property Taxes Account" - (more on this later if you don't have one)
- Field applicants for tenancy
Even if you don't have rental property yet you can imagine how overwhelming this could be. You're dropping the hammer everyday in whatever it is you do every day, and yet your days are drowning you. You must endlessly be doing something. You're always at Lowes. You're always drafting a notice "of change of utilities." You make u-turns in traffic to put out "For Rent" signs, and then when you get to the house you endlessly search for a sharpie somewhere in your truck to scribble your number on the sign only to realize as you drive away... that you can't even read your cell number on it. You keep driving, because you've got something else urgent to do... because some tenant called (as you were hammering in that sign in the yard) about how "their sinks' been drippin' for 2 rr 3 monssz an itz rottin' the cabinet out." All this, and you've been unable to work on anything that would make you any money.
Sound familiar?
What? You think you're days aren't drowning you?
Are you at a place where you think you've virtually got it all under control?
Well, then just think of all the task you aren't accomplishing... How many things didn't get done today. Better yet, skip an interval. How many task weren't accomplished this month? I'm not kidding. Stop and think about it.
This is a huge business. It's enormous, and if you don't have any help you can't make it.
So, now you ask "What should I do?"
Well - find a property manager. Even if you don't use my property management business then please use one of the many management companies that are available. Search them out. In fact, if you need a list that could help you then click here to send me an email. I'd be happy to help you.
Don't loose heart. Jackson, Mississippi is still rated by the Wall Street Journal as the 10th best place to purchase single family residential investment real estate in the US (email me if you want that article). Hold to it - I can help you do it, because I'm living in it.
Keep your chin up.
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