Things that Keep Landlords Up at Night

It would depend on your business model

It means how you run your business. Are you a reactive person or a proactive person? If you’re telling yourself that you don’t have a business model, that would be a big problem. Whether you own 1 property or you own 50 properties, you own a business. There are laws and regulations, and there are a lot of people watching you when you have a tenant living in your property. So you need to realize that you are a business and you need to have a business plan.

The tenant ruining your property

This normally does not happen if you treat people with respect and if you put the right person/tenant in the property. Again, selecting the right tenant should be part of your business plan.

Having a fire breakout

Luckily, there is a thing called insurance, and your insurance will cover that. This is not something that you can control so you may want to obviously have smoke detectors and fire extinguishers, and make sure your property is up to Property Code.

A tenant having to be evicted

This is something that everyone is scared about. But remember, it’s just part of your business, not emotions. If a tenant can’t pay his rent, you owe it to the owner of the company (which is you) to remove that non-paying tenant and put a paying tenant in. The sooner you do it, the better it’s going to be — to protect your property and the owner’s rights.

So those are the things that keep you up at night but one thing is for sure — you need to get a business plan.