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!