Here we are [into March already.] Which brings up the question, what are you going to accomplish? Do you goal plan, establish resolutions or just hope for the best and try to dodge and weave your way through it?
For some folks, the last option is their method of choice and it serves them best. For others it’s goal planning and strategizing with a long term plan. And of course there’s also New Year’s Resolutions.
Short Term Looking Good
This is the one where the gyms get crowded the first few weeks of January – or where we swear off desserts and sugar. In no time we’ve lost a few pounds, starting to feel good about ourselves and in that short time we’re superstars.
Then life hits… a meeting pops up and you can’t make it to the gym that day. Someone has the audacity to offer lemon meringue pie for dessert (really, who can turn that down?) and what’s one cheat day?
Long Term Looking Less Good
The problem is you’ve veered off that resolution and opened the door to exceptions. You’ve missed one day, so what’s another? You had one dessert, so what if you have one more the next week?
Society even jokes about how long our New Year’s resolutions last. Many people fail within hours, days or have become so accustomed to breaking them it’s just a lark – a short-term whimsy to amuse yourself and perhaps others.
The Real Estate Connection
Guess it’s time to circle this back to rental properties. Have you already seen a similarity with you and your first rental property to the resolution conundrum?
So many new landlords and landlords-to-be come in with grandiose ideals, big dreams and huge plans when they start – and it’s so easy because it’s all new and exciting like the first day of school where you get to meet new people and see new things.
Six months in and it’s become old hat and you’re wondering why in the world you have calculus class right after lunch when you’re the most sleepy. Or in the real estate world, six months in and you’ve had a few headaches with tenants, you’re struggling to make (or fake) a system that helps you stay organized and you’re wondering if you’re going down the right path.
This is your wake up call. Owning rental property is known as buy and hold, not get rich quick.
Stay the Course
Changing your mind six months in or when you get a bad tenant and deciding to sell your property to escape your problems is just like cheating on your resolutions. Except usually much more costly … (I’m not negating the effects on your health about too much Lemon Meringue or lack of exercise, different rabbit hole, I’m just talking bank account here). So, is there a solution?
Well it really comes down to making sure you plan in advance and that you work your way through the maze. Creating a plan for your properties, a long term plan for your goals and perhaps even a long term resolution that you’re going to not cheat and that you will carry this through.
Bill Biko has become “the Educated Landlord” through both training and the school of life. With almost a decades experience of land lording Bill’s been mentoring and assisting landlords for the last five years and you can find more of his tips and articles to make your life as a landlord easier, more profitable and less stressful at www.TheEducatedLandlord.com.