Out of the blue your little rental property throws you a curve ball.
Maybe it’s the tenant who started a grow-op in your property that the police just informed you about.
Maybe the hot water tank died last week and now suddenly this week the furnace has quit.
Maybe the great tenant you’ve had for five years suddenly gives notice and you’re short of time to find a new one.
At the time, any of these situations could become a huge problem. And don’t get me wrong they can be problems, but they’re only temporary problems and rather than getting caught up in the problem, you need to focus on the solution and the light at the end of the tunnel.
Many of these challenges or issues you can’t control, so deal with what you can. If you focus on what’s out of control (like the problem tenant who you can’t control, or the broken tank that lasted 20 good years) you’ll lose focus on what’s really important.
Life as a landlord isn’t always easy, perhaps that’s why so many people feel the need to tell me how they could never be a landlord. Maybe though, they just don’t have the viewpoint long term educated landlords do.
By this I mean if you focus on the here and the now and the overwhelming challenge immediately in front of you, like a problem tenant, or a grow op or a broken appliance, you miss the big picture. Part of that big picture includes the rental property that’s getting paid down by your tenants, the equity that’s growing in the property and the steady stream of income coming your way for years to come.
Think about that light at the end of the tunnel, think about creating solutions and don’t let the issues you can’t control dominate your life.
Have you let problems take over your property rather than finding solutions and moving forward? If so, leave a comment below, share the article with the other landlords you know and let us know how you moved forward!
When my husband passed away, I was crushed and could not take care of my tenants, rent hikes, etc. It has been 3 years, things are getting better, but I still struggle, finding it hard to do it alone. Some days are better, but I realize not giving out rent hikes, little as they may be, are necessary.
I have two problem tenants and eviction has consumed my every thought. I have to let go and let God take control. The process is long and not landlord friendly but it’s moving so I have to focus on the light at the end of the tunnel
Hi Gwen,
Focus on the end result, and while it doesn’t feel like it along the way, as you get closer to getting control of your property back it does start to get better. I’ve just been consulting with another landlord with her problem tenant and she finally had the tenant removed at the beginning of the month. So far her insurance is estimating the repairs at $50,000 for the damage this fellow caused and while she had some horrible up and down emotional moments during the process, now that she’s through it she sees so many positives.
She’s far more confident about the eviction process, she’s far more confident in her abilities to deal with major challenges like this and even though her insurance rates may go up a bit, she’s essentially getting a completely redone house once the work is done allowing her to get potentially even higher rent.
She focused on the light at the end of the tunnel and as she’s getting closer, she’s now focusing on how it’s helped her, so I’m hoping you have the same positive outcome (although without $50k worth of damages!!!).
Bill
Yes thank you. Had all except the furnace this month. Hope the Tenants are out on Sunday or will have to get the balif there.
Fingers crossed for Sunday for you Kevin!
Bill
Thanks for the reminder Bill. I have had all of these happen in the past month.
Oh man Willis sorry to hear! Head up, there is light at the end of that very long tunnel!!! I just replaced a hot water tank yesterday (ok, people replaced it for me as that’s beyond my scope of work), but it went extremely smoothly and wasn’t a water leaking issue, just a few days with no hot water. Thank goodness for great understanding tenants!
Bill
That’s a great motivator, Bill.
Thanks Ivan! Hope all is going well.
Bill