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Updated 8 months ago on . Most recent reply
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Running rentals alone---- Dealing with discouragement
So I put years of work into renovating a couple run down buildings to provide apartments for people, did all the work myself and then was laid off my job.
Since then I've been pursuing this dream of being self employed before its all over. I have 5 units in total and can't afford any more.... but have found since with tenants its just been one crisis and drama to the next endlessly.
They come and go like musical chairs. I just had one bolt mid lease leaving huge amounts of garbage I have no way to dispose of.
As I'm struggling to clean up and renovate hers, the guy in the apartment next door tells me he's moving to 'a better neighborhood' because someone broke into his car out front. He then proceeds to say the tenants upstairs have 'destroyed' that apartment and it will need to be gutted when they leave, hey says they are filthy and have brought in roaches. I paid for an exterminator I say. Well they're back.
Who can tell people how to live? They won't listen, and they won't clean and I'm not their maid.
I background checked extensively, this was a big surprise. But they're the only ones staying and paying rent! And I had put so much work into their apartment, new carpet, painted, fixtures and on. Now its destroyed.
The amount of take home pay with the 5 units is practically Taco Bell wage after all the taxes insurance and expenses.
I know well I need to do more; I'm just getting by but can never get caught up.
I have big items backing up now like a garage roof tarped I can't afford to reshingle, a back fence falling apart at my own home, leaning trees that need taken out.... All waiting until I can start a second income, but where is the time?
Now I have to renovate two more apartments which will set me back two more months.
The family is merciless they tell me to 'go get a job' if I have money problems, friends act jealous.... and everyone on line hates landlords. My family has no tolerance for my wanting to be self employed, to me going back to a full time job is giving up and they completely ignore that. But I can't find anything else I can do on the side for income that is self employed, that works.
How do people deal with the discouragement? I have no choice but to go on but its just so discouraging doing all this alone. And what are people doing for additional money, besides just going back on the wheel and working for someone else. Because to me if I have to do that, I may as well give up on all this altogether as a failure and go back and sit in an office cube until death, lol.
Most Popular Reply
Hey man,
It sounds like you're going through an incredibly tough time. The challenges of managing rental properties on your own, especially after investing so much time and effort into renovating them, can be overwhelming. Dealing with problematic tenants, constant maintenance issues, and the pressure from family and friends who don't seem to understand your vision can make it all feel like an uphill battle. It’s discouraging when tenants don’t respect the property and create more work for you, especially when you’ve put so much into making these apartments livable and welcoming.
One thing that might help is considering professional property management. It can be an added expense, but it could save you a lot of stress and time in the long run. Property managers can handle tenant screening, maintenance issues, and rent collection, freeing you up to focus on other aspects of your business or even new ventures. This might help you get a bit of breathing room to address the bigger maintenance issues you mentioned, like the garage roof and leaning trees.
It’s also important to find a support system, whether it’s other landlords who understand what you’re going through or a mentor who can offer advice and encouragement. There are online communities and local groups where you might find like-minded people facing similar challenges.
Exploring additional income streams that align with your skills and interests could also be beneficial. Since you have experience with renovations, perhaps offering handyman services or consulting for other property owners could provide some extra cash flow without tying you to a traditional 9-to-5 job.
Dealing with discouragement is tough, especially when it feels like the world is against you. Remember why you started this journey in the first place and focus on your long-term goals. Small wins and progress, no matter how incremental, can help keep you motivated. Don’t hesitate to seek professional advice for financial planning or even emotional support if things feel too heavy. Your vision for self-employment and independence is valuable and worth fighting for, even when the path is difficult.
- Ty Coutts
- [email protected]
- 719-641-5169
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