What if chaos ensues at your rental property? What if you receive a letter from the Board of Health? What will happen if your tenant doesn’t pay their rent? What will you do if your appraisal seems incorrect?
When I first began my real estate journey, I was incredibly anxious. Thinking back on my experience when my house in Florida was in foreclosure, my tendency was to ignore it and hope it went away. I’ve learned since then, you have to run toward your fears. When you’re faced with an issue, be proactive about tackling it. Then it will be resolved and go away.
We’ve talked previously about how to prepare for issues that may arise financially, but today I’m talking specifically about being emotionally prepared. If you begin your real estate career knowing that there will be obstacles, you will be better off. Issues on your properties should not derail you. In fact, you should expect to experience some problems!
One of the biggest fears for potential investors is the quality of their tenants. Investors worry that their tenants won’t pay rent, and will have to be evicted. In our experience owning buy and hold real estate, we’ve never had an eviction. It’s not as common as you might think.
However, it’s not totally out of the question. You might encounter a bad apple, but that’s why I suggest working with an effective property management team. A respectable team with the proper training and knowledge will know exactly how to handle a bad tenant.
The truth is, there’s always going to be something that comes up. Maybe you’ll receive a notice from the Board of Health, maybe you’ll have an issue with a tenant, or a difficulty at tax time. If you expect to be faced with issues, you won’t be disappointed. Instead, you’ll take care of the problem, and move forward with more experience.
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