All Forum Posts by: MIke Brady
MIke Brady has started 1 posts and replied 6 times.
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Quote from @Alinda Saffell:
I would agree that a great PM is a great investment. For years I had a quite good one, with RE chops and local access to some of my properties. She decided to retire (at over 90 years of age!) a few years ago. I wish I could find her like again! Although it's true most SFR are pretty placid, the times when they are not are definitely anxiety-inducing, I agree.
I have a handyman who is looking to do some investing, himself, and he's done repairs and maintenance here on my residence, and I trust him a lot. That's a real asset. So I do think that when you have a maintenance man (or team) that you have high confidence in, that soothes the anxiety. It's not quite enough to make up for self managing but, it's a good short-term move
BOTH of these can be hard to find and retain, though. I hope you can find both, or at least one, to help you out. I have family members who are in similar situations to yours and I really feel for you!
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Quote from @Chris Seveney:
This should be a lesson learned for others when mapping out a rental, not including property management costs in your analysis is a big mistake. Life happens, things change and now it appears you are "stuck". Best way to get unstuck is to sell".
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Quote from @Michael Davila:
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Again, good advice. I just don't think I can swallow the costs.
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Hi, and thank you for your response. I really appreciate you taking the time to offer advice. I've considered both, but here's where I'm hitting a wall:
Property manager: Financially, this seems like a significant chunk of the rental income going towards management fees. I'm not entirely sure if the cost outweighs the benefit, especially since the property itself isn't high-maintenance. It's more about my mental load than the actual workload.
Handyman: This is a logical suggestion. I find myself worrying about the quality of the work done and the tenant's satisfaction. Even with a handyman, I feel compelled to oversee or follow up on the work, which doesn't really alleviate my stress.
The core of my issue seems to be a mental one, rather than purely logistical. It's like I'm wired to anticipate issues and want to address them proactively. This mindset works well in my software engineering career, where being ahead of the problem is key. However, in the context of property management, it's causing me unnecessary stress.
How do you guys cope with the mental aspect of it? Is there a way to mentally 'disconnect' from the property while ensuring everything is handled responsibly?
Post: Overwhelmed First-Time Landlord Seeking Advice
- Posts 6
- Votes 5
Hi everyone,
I converted my former primary residence into a rental property. Financially, it's been a sound decision, but mentally, it's taking a toll on me. I constantly feel like I'm 'on call'. Even though my tenant is low-maintenance and the property itself rarely needs urgent attention, I can't seem to shake off the anxiety. It's like there's a background process in my mind always running, always alert for a possible call or issue that might arise.
I work remotely in a demanding job, and I value my free time deeply, especially given the flexibility of my profession. However, this constant mental load about the rental property is eating into my peace of mind. I'm always anticipating a problem, always planning for a scenario where I might have to drop everything and address an issue.
What strategies or tools do you seasoned landlords use to manage this kind of stress? Are there any mindset shifts or practical tips that can help me feel less like I'm perpetually 'on duty'? Is hiring a property management company the only way out, or are there other ways to manage these responsibilities effectively without it consuming my thoughts?
Any advice would be greatly appreciated. Looking forward to learning from your experiences.