Before you pay too much for your next rental? Read this...
Nearly HALF (41%) of all rental properties experience some form of vacancy every year. [Source: Foremost Insurance]
Failing to manage vacancy is part of one of the 5 Biggest mistakes you could be making with your rental property, CRITICAL mistakes that could cost you everything!
How to Avoid the Mistakes that Cost you Money, Steal your Time, and Rob You of the Life you Want
You’re working like crazy, you're hustling, trying to keep it all together.
Your day job. Time with your better half. Time with your kids.
Taking care of stuff around the house.
Carving out a little free time to golf… maybe watching a football game on Sunday with Nachos dribbling down your shirt.
And oh yeah, dealing with your rentals.
A family game night with no phones sure sounds good – in theory. Not sure how that could actually happen. After all, you have your rentals. If they call, you have to answer it, right?
The trouble is, you have this rental side-hustle, which means when the phone rings YOU have to answer it. When something breaks, YOU have to take care of it.
When they don’t pay YOU have to chase them down. So when you’re messing with all your rental stuff, you’re missing out on the Life the RENTALS were supposed to provide.
It’s Sunday, you have a vacancy at one of your rentals, you have an ad running and a ‘For Rent’ sign in the yard.
Someone is parked out in front of the rental and wants to see it RIGHT NOW. 🙄
Your property has been vacant for 3 weeks, and the house is 20 minutes away.
Tossing the ball in the front yard with your son will have to wait. Your son will understand... someday.
You’re doing it all for him, for your daughter, for your wife. You look him in the eye and let him know you’ll “be right back.”
The eye-roll… the sigh… he knows what that really means.
It’s Monday night, dinner’s done, the kids are wrapping up homework, and the game you've been thinking about all day is about to start.
You get a text from your tenant, rent will be late…
You send a message that PROBABLY could have been a little better worded, but it’s been a long day, you’re tired, you really just want to watch the game and unwind from a typical ‘Monday’ at the office.
The firestorm of texts from your renter responding to your 'offhand' remark are relentless.
You see the words, “lawyer” and “slumlord” and you’re doing your best not to let it set you off.
You start thinking where the money is going to come from to pay the mortgage if they trash the place; if they don’t pay rent.
You’re so mad... So much for enjoying the game.
It’s Friday night, your daughter’s birthday party.
She’s turning 12 and your house is filled with laughter and the high-pitched squeals of her friends from the neighborhood
Pajamas, chocolate, blankets and pillows everywhere.
Your wife looks at you as if to say, “I swear if you leave me alone right now I will burn your clothes on the lawn…”
It’s the renter, and she’s locked out of her house. She’s a good tenant, and one of the only ones who pays on time.
You’ll “be right back” you stammer, wondering how serious your beautiful Bride is about your clothes, the lawn, and her promise of committing arson.
Does any of this sound familiar?
Wait, weren’t those rentals supposed to provide MORE MONEY, and thus, MORE FREEDOM for you? How is it the exact opposite has occurred? Is this just something you have to put up with until you get them paid off and can afford to hire a property manager?
Think about this: Did you know that HALF (50%) of all single family rental properties started out as the primary residence of the Landlord? Source: [Foremost Insurance Group]
Given this fact, it’s not a surprise that many individual investors struggle. With HALF of all single family rentals starting out as owner occupied, it’s very likely most of these endeavors were never started out to be a business at all!
As if they were designed to fail...
This isn’t your fault, setting your rental side-hustle up as a business is not the natural thing to do. The rental business isn't talked about that way. It's all about "How many do YOU have?" as the measuring stick of success.
The problem is if you never set this up to operate like a business, you might have created the very thing you were trying to get away from – a Job. (Oops)🙄
If you never budgeted for someone else to take care of all these separate tasks, these are all little jobs that YOU have to do, at the cost of your free time!
The fix is not as difficult (nor as expensive) as you might think (and no, I’m not talking about hiring a property manager).
If you’ve been managing your rentals for any serious length of time, let's face it, it's likely you won’t be happy with a property manager. Even a good one (if you can find a good one).
It’s like working for yourself. Once you do, you’re pretty much ruined to work for anyone else. It’s tough to get that genie back in the bottle.
We entrepreneurs, we need to stick together.
Consider this tool for your toolbox, the ebook, 5 Critical Mistakes that Cost me Millions I made available to be downloaded for FREE.
So you might be wondering, "Who is this guy?" I'll introduce myself here in a second, but first, you might be asking yourself "Why should I care?"
Let's Hit the Highlights:
My name is Mark Dolfini, and I'm a rental housing provider, I was a landlord, just like you. Starting out, every single book I read in the early days always focused on getting the rental ‘box’, throwing a sign in the yard, sticking someone in it for as much money per month as possible, and wait for all the money to pour in.
Then, all I have to do is repeat this a few dozen times and BAM - Next stop, Ferrari-ville!
Well, that’s not exactly how the trip went. Not long after I bought the first rental, they were calling me – the tenants. At first, I had to admit, I was a little excited. I have tenants calling me, I’m in BUSINESS! Woo Hoo! Look at me hustle everybody!
I bought more properties, taking on more and more (because that’s what all the books were telling me). All those folks on Bigger Pockets who owned half of the city they lived in, all made it look so easy. All those poor suckers at work who were toiling away for “The Man” – I was on my way!
When I finally got to 92 rental units, which was just over $6 Million in real estate, you better believe I was busy.
If the phone rang, I took care of it. Whatever it was. Whenever it was. Day. Night. I didn’t mind “paying my dues”… I wasn’t averse to some hard work at night and on the weekends. Just gotta pay my dues.
Then, somewhere between the 2nd and the 10,000th call, I was ready to take a hostage.
I’ll spare you all the details, but the short version of the story is I ended up losing MOST of everything I built in 2009.
What I learned from that experience, all those mistakes I made, was my (very expensive) tuition. My cost for learning this business the hard way.
My trip to Ferrari-ville was taking a massive detour 🤔
“It's said that a wise person learns from his mistakes. A wiser one learns from others' mistakes. But the wisest person of all learns from others' successes.” ~ John C. Maxwell
If you’ve followed me this far, perhaps you'd be interested in hearing from a few of the people I’ve been able to help in their rental businesses and in their lives.