As any experienced landlord can tell you – owning rental properties can be an emotional roller coaster.
When you buy your first “income property” – you’re embarking on an exciting new adventure that is filled with ups & downs, highs & lows, and will help you to learn many important new life lessons.
In the end, you’ll figure out how to work better with people, become a better business person and juggle a lot of the challenges that come with owning and managing rental properties.
Shown below are a few examples of what some new landlords have experienced in their first 12 months of property ownership.
14 Emotional Roller Coasters
1. When you make an offer on a property, and your agent calls to let you know the offer was accepted:
2. The feeling of anticipation after you list your first property “FOR RENT” on Craigslist:
3. When a prospective tenant says, “It’s none of your business what my credit score is.”
4. How it feels to get your first property tax bill:
5. When you get a call from the city’s zoning & compliance inspector:
6. The first time you make a monthly profit:
7. After 1 month of using Cozy, when you realize how much easier property management can be:
8. When your tenant demands that you replace all the windows in your building:
9. When you evict a tenant, and walk into their vacated unit:
10. When a bad tenant finally moves out of your building:
11. When you get in an argument with a tenant, and they question your competence as a landlord:
12. When you see one of your old tenants in a public place:
13. When your tenant trashes the place and asks for their entire deposit back:
14. When you meet a new landlord who tells you, “Oh, I don’t need to do a background check on these people.”
Can You Relate?
Which scene(s) can you relate to? Let me know in the comments.