Exhausted! Tenant suicide this month, flips, and rental turnover!

[Todd Powell]

Hey BP peers! When does this RE stuff actually become passive income? It’s been a trying month for sure. I work that full time job, manage 29 doors, and flip for profit and debt reduction. 

But, on April 12th I get a call that on April 8th my tenant committed suicide. luckily, not in the unit. That Bubbly little 5 foot woman decided life wasn’t worth it any longer and pre mediated this action by jumping out in front of a logging truck. I then dealt with trying to remove her guest peacefully and a mom and sister who fought over her belongings, meanwhile trying to contact the attorney handling her affairs. 

So, when does this finally become passive income ? I say this sarcastically as I know it’s always going to be hard work. 3 flips back to back so far in 2019 and 8 unit turnovers for upcoming college students is quite exhausting.  

Maybe it’s time to hire a PM but I have zero vacancy the way I run things and cannot let go. Flat exhausted and wondering if anyone else feels the same out there in the BP world? Thank you 

[Shiloh Lundahl]

@Todd Powell I encourage you to get an assistant, not a property manager.  

I did what a lot of people on BP are against and I went through a guru program and I had a real estate coach for a year.  One thing he told me every week was get an assistant, get an assistant, get an assistant.  After 6 months of hearing that, I finally got an assistant and I was able to focus on my therapy practice and leverage my time.  For every hour I worked in my practice, I could pay my assistant to work 7 hours. And she could take care of the things I didn't want to take care of.  

I am now on my second assistant and my business has scaled incredibly.  We would not be near where we are now without my assistant and my net worth would be dramatically lower because I wouldn't be able to handle the purchases, leasing, and managing of my properties (around 80 doors) and still run my therapy practice.  My assistant takes care of a lot of things with my multiple businesses and personal life.  She is AWESOME!