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Landlording ain’t easy

Posted by Anthony Grosso on July 30, 2018
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This weekend I had a wedding of a best friend from high school and being in the bridal party, my day drinking turned into night drinking. So about an hour into the reception I was getting multiple phone calls from tenants. Apparently God was upset about something and it seemed the 40 day flood was starting.

This is one of the moments that people love to tell you about when you mention you want to invest in real estate. Tenants will call you at all hours, you have to deal with headaches etc.This is a naysayers dream. They will use this story to tell the next person how it’s like being in real estate. From the outside it looks a like a nightmare, and I can’t lie even the old me would have been worried.

Thankfully there’s one thing about it I can share with you. This is where a self understanding of how you work comes in handy. I know there’s a bunch of people out there that would have had me doing breathing exercises, telling me too “Woosa” and not stress it. Saying things like “We’ll figure it out tomorrow” “You can’t do anything about it now”. I wish I had the ability to do that but it doesn’t work with me, it would be sitting in the back of my mind ruining the rest of my night.

I actually do best when I spin into these situations, let the imagination go to that dark place and look at the worst case scenario. It seems counterintuitive but instead of it being a nagging stress, the short lived panic almost always gets replaced as soon as I realize the worst case isn’t so bad and whatever happens I’ll figure it. It’s like an instant peace comes over me.  

I like to dive to the bottom so I can figure out my ways back up and I’m already in control of the situation before I even know what it is. So it knocked me off my game for an hour but once I had a second to think, expect the worst and work backwards I was good.  

When I showed up the next morning I was lucky to find all the basement flood waters receded, probably just a  clogged gutter. And my bathroom flood was just some missing silicone on a shower body. Much less serious than a new roof and an insurance claim to 4 boilers I had prepared for. This time it wasn’t so bad and though the next time might be, I’ll be ready either way.

The point in this, like many of my blogs will be the same. Do what works for you and realize whether you want to be a landlord, business owner, parent, you’re going to have these moments, you’re going to get these bad news calls. It will be much easier if you know how you work best.

 

 

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