Education and news for smart DIY landlords!
Becoming a do-it-yourself landlord is a brilliant way to earn passive income and retire early. Yet, it’s easy to get sucked into more work as your landlording business grows. The line between work and relaxation becomes blurred, especially that communication is extremely convenient - email, text, and social media.
Like any business, the key to success is work-life balance. It’s important to manage your time well so that you can avoid overwhelm and stay healthy and happy.
If you have issues with giving up control, know that perfectionism won’t do you any good as a landlord. Be dedicated to your landlording business - not obsessed. One of the ways to give up complete control is to outsource some property management tasks.
Before you get to work each day, make sure to create a list of all the things that require your attention. Maybe you need to attend to some repair requests and give a prospective tenant a tour of the property. It’s easy to forget what you should do if you don’t write them down.
It’s more efficient (and less stressful) to deal with similar tasks at the same time. For example, if you need to make phone calls, do it before lunch - not early morning, in the afternoon, and late in the evening.
Online tools eliminate manual work and help you save time. Find an all-in-one software that allows you to collect rent online, store important documents, and more. Check out this list of rental property management tools.
Many landlords are not good in staying organized. Imagine the stress of trying to look for things or information for several minutes each day. A simple yet highly effective way to maintain organization is to dedicate a separate folder for each rental you own or tenant.
Leaving damage unattended for a long time can result in a disaster. Instead of delaying the repair, get it serviced right away. Doing this does not only ensure the safety and health of your tenants, but it also stops you from worrying for days.
No matter how dedicated and you are in your landlording business, failing to take breaks can lead to exhaustion. Remember: Taking care of yourself means taking care of your business. Don’t take your lunch break and work at the same time. Enjoy quality time with your family.
To keep your properties in excellent condition and limit your trips to the rental, you need to take proactive measures. I’m talking about preventive maintenance. Preventive maintenance lets you take care of tasks so they don’t become problems. Examples include gutter cleaning, changing HVAC filters, and inspecting the chimney.
Work-life balance for a landlord means knowing your priorities, spending your time wisely, and anticipating tasks so that you don’t always go in a reactive mode. Are you ready to take charge of your time? If you need help in other areas, Landlord Prep is here. Feel free to browse through our guides and resources.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!