What’s the hardest part of being a property owner?

Question

Hi my name is Josh and I wanted to ask property owners, what’s the hardest part of being a property owner?

-Paying all the taxes, maintenance and insurance

-Finding a renter

-Worrying and wondering each month if the tenant will pay on time

-Fixes/repairs

-Other?

William J Anderson · Answer

I am new in the relm of property ownership. However, in my short time I’ve found that tenant deception is by far the toughest part. Unfortunately, some renters will say anything—even things that make no sense in an alternate universe—to avoid responsibility or financial consequences. They often won’t tell you about problems until it affects their wallet, and they’ll flat-out lie if it suits their needs. This constant worry about honesty and transparency can really take a toll on the property owner.

Bill B. · Answer

It’s kind of like asking what’s the worst part about not being a real estate investor?

Having to go to work when you don’t want to?’

Worrying everyday about getting fired for something out of your control?

Honestly 350 days a year I don’t even think about it. 12 days a year I wonder if everyone paid and if not will they pay, for about 30 minutes. And 3 days a year I spend about 30 minutes pondering a repair, rent increase or turnover choice.

OTH. At least weekly I think about the the fact that someone else is going to work to give me 1/3rd of their money. Or paying off my debt, while I provide them with a nice house to live in instead of an apartment.

Then there’s this glorious tax season where you realize how many things you get to deduct that others can’t, while sheltering your income with depreciation, and earning tax free income with appreciation. I truly feel bad for people who have to work instead of investing in real estate, especially those with kids. That’s why I try so hard to explain to people I meet every day the benefits. Along with the benefits of time with family and helping others.

Jules Aton · Answer

Waiting for or getting the dreaded call that xyz was broken, flooded etc. which only happens after hours on weekend, holiday, during heat wave or snow storm. Having a property manager would alleviate the initial call but not the actual event or my need to deal with it. I also worry about litigation.

John Morgan · Answer

@Josh Otero

The hardest part for me was being flexible with my tenants and realizing all these people are living paycheck to paycheck. Rent won’t hit on the first. For some people it won’t even hit on the 15th. But I’ve learned to be more relaxed with my 29 properties and the tenants.

Nathan Gesner · Answer

I agree with the others. My tough today is different than my tough next week.

Many new(er) investors struggle to manage their rentals well. They don't understand how to price effectively, study the market, set boundaries with tenants, establish policies and procedures, communicate, and dozens of other things. If you spend time learning how to manage well, your income will increase, you'll save time, and you'll maintain your sanity with the courage to expand.

JD Martin · Answer

Bill's a better man than me. I only tell that stuff to my friends and people I like. Everyone else I prefer they keep renting 😝

V.G Jason · Answer

Becoming a property owner.

The hardest part about this right now is underwriting deals, remaining patient and disciplined.

Outside of that, the actual details of managing the property are only hard if you do not have systems in place, delegate responsibility, and don't fully comprehend what physical asset investments require-- capex & opex heavy. If you have those, it doesn't really phase you.

Rick Albert · Answer

There isn't one thing.

For my out of state properties, vacancies have been a nightmare. Yes, you can drop the price, but then the numbers don't work. In LA, my last vacancy was about a week.

The hardest part honestly is understanding the laws and dealing with the tenants around it. One misstep and you could be in hot water.

Michael Smythe · Answer

@Josh Otero anyone that owns the home they live in fits your posted criteria!

So, I'd say my wife's "honey-do list":)

Regarding rental properties, it's that no matter how many processes you create to handle problems, there's always some new problem:(

Matthew Paul · Answer

There are no problems being a landlord , just buy a property take the first renter that applies and rake in the cash .

What’s the hardest part of being a property owner?

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