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Updated over 4 years ago, 06/17/2020
Does landlording need substantial people skills?
I am single bread earner in my family while my wife takes care of kids. Few years ago I started feeling there is a need to earn more to support our growing needs perhaps with a second job but that would take away my personal time with my family .I got inspired with my previous landlord who was house hacking with a multifamily, started researching BP and started devouring every resource that came my way and took a big leap of faith and invested in my first multifamily without getting stuck in an analysis paralysis mode upon analysing few deals.While I do like the passive income aspect of a multifamily, I am feeling it's more than second job as it consumes me so much more emotionally and taking me away from my family and I sometimes start feeling if I introduced a new problem to solve an existing problem with this multi-family investment.
I am generally a warmly friendly person but ever since I bought my first multi-family and started renting I feel like I have turned somewhat cold.
Homeownership especially owning a multi-family with tenants seems like a arduous and complex process involving complex human psychology.While analyzing the deal , making numbers work vetting the tenants etc is just one part of the equation.There is lot more to this game of real estate , I think one must be well versed with complex human emotions. One as a landlord wants to safeguard his property after making substantial investment and the tenant wants to get the best bang for his buck and this more often than not turns out into a cat and mouse game between the tenant and landlord. The landlord can't keep the tenant happy all the time while the tenant can't stop from breaking things. I don't even want to get started with the predisposed anxieties,complex egoes and capricious tendencies of a tenant.
A landlord in anticipation of tenant breaking things need to caution the tenant and that communication even when euphemistically put can turn out into a conflict with the tenant
Is it just me who feels that way? Should I start thinking about an exit plan?Perhaps people skills are not in my DNA or should I start reading Dale Carnegie?
I am curious how others handle such complex matters?as I have started to feel it's just not making the numbers work one also needs substantial people skills! Appreciate feedback from other members.
Thanks