If you’ve never read the book “The Dip” by Seth Godin*, it might be worth checking out.
Seth talks about the dip you sink into before you gain the momentum to succeed. Sort of along the line of it’s darkest before the dawn.
I shared some other thoughts about this in my New Year’s resolution post (you can read it here to get up to speed, Why Owning Rentals Is Like Your New Year’s Resolution),..
What it boils down to, is that so many people get to the brink of success and then it gets tough, or it gets boring or they get overwhelmed. So they quit.
Now sometimes it makes sense. That dip may be huge and quitting might be the right solution.
But far too often the issue I see with landlords is they quit at the dumbest time.
They just finished evicting a bad tenant or they just dealt with an expensive repair and now they throw their hands in the air saying it’s not worth it and they quit.
Maybe You Should Quit Landlording, Or Maybe Not
Sorry, but that’s dumb and here’s why. You’ve just evicted a tenant which can be one of the worst issues you deal with.
Now you have a better understanding of the process so it’s easier next time and you’ll act quicker to avoid any additional pain. You’re aware of what a pain an eviction can be so you are apt to be much more diligent screening going forward to avoid it.
If you’ve just spent a ton of money repairing a roof or replacing a furnace you now have many years of not having to deal with that expense again.
You’ve just gone through a dip and coming up on the other side it’s going to be much better, much less expensive and easier.
Bottom line, getting through the hard times makes future challenges easier so rather than quit, ask yourself how getting through the lows can help you! If the hard times sound too scary, well maybe you should just quit now…