Anyone getting tired of this whole landlord business, dealing with idiot applicants and tenants just want toss in the towel?

Gail

No I'm not.

What can we do to help you get through this SPOT in your RE business?

I've got some drama-llama going on, but I'm plugging through it! Some of the turnover I'm dealing with is normal and ordinary, and some of the turnover I'm dealing with is oh-my-goodness-what-is-going-on-in-your-head?! :P

One thought that has always kept me going. These idiots have made me a million bucks and a millionaire. If they were smart I'd be broke and no one would be renting. Life is good.

Ever? YUP! Now? NO!

Eat some chocolate ice cream - that always makes me feel better!

Do share more. It's (mostly) safe to vent here. Just ignore anyone who calls you names ; p

You may just need a re-charge / re-evaluate where you are, where you want to be, and how to get there. What, specifically, is the issue? Dig deep and figure out what the root of the problem is, and what can be done to fix it.

But truthfully, this business is not for everyone. Just like any profession. if it turns out that is the case, it's OK. It's much wiser to change direction than stick with something you truly hate.

Stop dealing with them.

I solved that problem by working out procedures that produce results that lack all those hassles.

I upgraded my properties to be attractive to a higher class of tenants, I choose my accepted tenants very carefully, I have techniques to keep relationships with tenants on a high level.

By doing so, I am able to maintain a perspective of sanity and keep my landlord duties to a minimum, usually not more than routine maintenance.

I normally have a good sense of humor with the calls from applicants and tenants I've had to deal with but..not so much lately.

Some of this is due to sadness from losing my partner of 19 years to lung cancer last year. Bill and I worked together on our 16 rental houses. He was a roof and truss design engineer and I learned quite a bit from him. I miss our arguing over tenant issues.

I have thought of turning over the rentals to a property manager but after handling all of these ourselves I am finding it difficult to give this up. Isn't that strange?

I have just sold one property; the furthest one from my house. I did this with great relief. At this point my goal is to eventually whittle down to perhaps 10 properties and then decide where to go from there.

I'm 67 years old and pretty healthy but I do find I an increasing weariness dealing with applicants when a property is available. I need to try and find my sense of humor again.

As you suspected, some of this could be grief, and some of this could be not having that partner to go through life with. If you are ready, now might be a good time to go on one of those relationship website, start dating. A few people I know have found someone new after this, and it has made all the difference. A couple of them looked up people they went out with in high school, years and years ago.

Re-evaluate your goals.

Maybe your already there.

Selling is the fun part.

"Go your own way".

I know you've been doing this awhile, but maybe go to the Mr. LL Boot Camp in November to re-charge and learn some new ways of doing things?

Gail

Unless I am mistaken I think I remember you from ATL. I miss that group. You were a stand up person. Just reflect on the good you did for the Veterans.

Gail why didn't you say so sooner. When I say something stupid-- we can argue -- that's a no brainer for me. I love argueing also.

Yes, I get tired from time to time dealing with the read tape, entitled tenants on social assistance programs and the various BOZO city/county departments left unchecked -- out of control!

There are options:

1) Consolidate rentals into a large apartment complex with a resident manager and a professional property management company. Do almost nothing accept receive quarterly reports and a monthly check.

2) Buy triple net properties that the tenants are responsible for everything.

3) Sell/exchange holdings into TIC (Tenancy In Common) and let others do the work.

4) Sell everything, pay 30-40% in taxes and reinvest the money is secure insured account -- then try to live on that tiny income.

I'm not tired of LLing. I wish I had more units.

I see idiots all of the time (if you drive, go to the grocery store or watch the news, they are everywhere), not just idiot applicants. Sometimes it's quite interesting how people live and what their priorities are. They help me pay off the properties, so I just roll with it.

Thank you for the suggestions and support. You've given me a lot to think about.

Hang in there. I am 70 and some days I am so done & tired of the BS. Then I asked myself what part did I have in it. Sometimes, I fail to maintain a necessary business composure. Our attitudes are catching. Last night, I had a new to me tenant want to start moving things in this weekend. I politely told him no, that doesn't suit me, I'm out of town right now (I am) and I want to get the decks stained. I do, but I also want those roaches dead, & it is taking a little time. I explained that he'd need to have his rent, deposit & electricity in his name by the 27th. (BTW, the roach info is mine alone.) Some things are on a need to know basis.

Each time I get in a "sell sell" panic, DH reminds me, yeah, & then you'll want to buy more!

Yes, I did. Though it wasn't a "tossing the towel," but a slow, planned, methodical, profitable extraction. Same as when we left CA. It took 5 years from the decision to the final escape.

I got (back) into landlording as a place to park money when the banks and stock were failing and RE was a buying opportunity. Took me awhile to realize I am a builder, not a landlord. I like taking a property and making a nice home for someone who appreciates and loves it. Not cleaning up after losers who destroy my stuff and cause strife in my life. I do not associate with such people in my daily life and I eventually realized I did not want to associate professionally.

Frankly landlording turned me into a mean person and I'm still in recovery.

Small time LLing is not passive income, it's a lot of work and can be dangerous. With growing socialist sentiment and anti-LL laws making it tougher each year for the small operator I'm glad to be out (of residential rentals).

Since we started divesting our rentals about 5 years ago I've made more money on my stock and mutual funds, and operating my security school than I did renting 20 units. Maybe if I'd had 200 units I'd feel different. Of course there's been a historic run up in stock, and that won't last much longer I think. Though I think a 30,000 DOW in 5 years is quite possible - maybe much sooner.

I'm of the age that asset retention is now my primary concern and if the market pulls back 40% it would be a substantial problem for me. So now that my health is improving we're looking at putting more money back into real estate as a tangible asset that is generally more stable.

Gail,

I'm sorry about the loss of your partner, that must be devastating. We have a friend (female) who's husband died last year from cancer, and he had 11 rentals...which she is now in charge of. She was never involved before, so this has been tough for her. I advised her to sell them slowly as people moved out (she has a full time job and does not have the skills or business processes set up to properly manage them). I'm not saying that selling is the right move for you...just relaying a parallel story.

She had one tenant move out and sold the unit recently, and I helped her with that one...lots of drama that had her pulling her hair out (boyfriend/girlfriend split up, each blamed the other for damages and unpaid rent, blah blah).

She is now down to 8 units. She is a bit regretful as she feels she is getting rid of what her husband "built". I told her that what he really built was an income stream, and if she can sell the units and replicate that (even if not as profitable, it would be with fewer hassles), then she is respecting his legacy.

For me, I go through ups and downs too...but I try to tell myself "this too shall pass" and one of the many things my MBA taught me is to have an exit plan in place before you ever start...so we designed it before buying our first property (it's ok to change the exit plan later, but at least have it thought through). Having an existing exit plan makes me less likely to throw in the towel at times I get frustrated.

Also think about the impact on heirs as you think through your options.

Hope all goes well!

Tired of tenants? Yes.

Unfortunately if I sell all, pay all the capital gains, there isn't enough left to invest in anything that would pay me enough to live on. Real estate is the best return.

I'd be happy to pay to have maintenance done except I can't seem to find anyone who will show up when called and do a good job. Decent workers are booked up weeks in advance and then they don't show up when they are scheduled.

Yes, I've been there too.

Maybe time for a change of pace...or a change of LLing style?

If you've done nothing but residential, maybe sell a few and try triple net commercial. No hassles, just checks in mail. Sure, they come with multi-year vacancy sometimes, but at least than no one is calling with a clogged toilet! (*grins)

Seriously, maybe it's time to try a different type of land lording. Maybe you'd prefer Class A or B units. Or maybe you'd like to have some self-storage units. Maybe open land that is fenced where people can park RVs, boats, and trailers.

Some decent REITs pay nice dividend rates, maybe close to what you’re making now. Like EPR has a 5.98% yield. You do have taxes to pay, with no offset depreciation, but also no hassles.

Or possibly have them managed. That might take the load off.