Burn Out
Have any of you faced it? How did you handle it?
The last 2 months have been tough. Tenant buyers not able to refi, tenants not paying, having to remove deadbeats and telling my family they have to wait while I do everthing by the book and the deadbeat stays for free ( I love this screwed up system of eviction it says you are the deadbeat yet you can stay not pay and mean while we will screw the person who pays his bills and taxes and when time comes we will just skip out of the court date and say if you pay me off I will leave without wreaking the place....) the holidays, family and work stress.
Just wondering how you all do it day in and day out. I am not saying it should be easy but wow never have I had to listen to so many stories. I have tenants who have been with me for years (some 5+) and they had stories this month. I am very forgiving for them. They always pay on time never been late and they were only a day late this time. The point is when even the best have a problem how do you deal with the rest.
Looking for insight.....
J
Had to add this... (My wife said it to me after I wrote the first post)
I know shut up and stop complaining. I will....... Just needed to get it out of my system. Still any insight would be great.
J
My advice is do more business. I see investors get hung up on a bad happening or two and their entire day is focused around those events. The best way I know to get over bad things is to create good things. Read a business or marketing book, get out there and talk to sellers, but do NOT dwell on things that are going wrong that you have done all you can about. As you stated yourself, you ahve to wait out the process. So, if you are not actively doing a step in the process, move onto a new event that will make you money or grow your business.
GL
[addsig]
Ray,
Thank you and you are right while life is stressful it does take that moving on that will make us winners or losers. I am moving on with the knowledge I did the best I could for them and the next deal will be better than this. Merry Christmas.....
J
King,
Do you buy fix resell? Or do you lease option? I am looking at my options right now. There are times I like being a landlord and times when I would just like the income.
Here is a big question I may have to make a new post for. What do you do when the tenent buyer fails to Refi? Dealing with that now. Oh well as Adam Sandler said " Find a happy place".
J
Selling to rehabbers hum....... May not be a bad idea. Do you do it sub-to? How did you develope your list. Sounds like a bird dog deal. What is the profit like? You make a few 1000.00? You are right start thinking and the juices start again and you are ready to get back on that horse. Man I love this site.
J
I found the cure for burn out. I took my wife on vacation (LasVegas) for New Years. What a change little time away plus made the rule no talking business. This was hard because we vacationed with my best friend (and business partner).
I am still working it hard because I would like to vacation any time I want. King still would like to learn more about how you do it.
J
Hi James.
The best way to safe-guard yourself in this situation, is to have your contracts and agreements strategically written.
Even if there are city and state laws saying you can not evict without going through the process, you tenant agreements can include, "if tenant missing x number of payments.... they will be evicted..."
The tenant signing and having the document notarized at the bank will help seal the deal. You write the contract to fit and protect you.
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Cassandra Carter
[ Edited by JamesStreet on Date 01/29/2007 ]