TIP OF THE MONTH - September 2012
Source: Landlording-4th Edition-Leigh Robinson
A divorced Landlord once
said that no marriage could survive more than ten rental buildings, be
they houses or high rises. His number may or may not be accurate,
but he knew from firsthand experience that his own marriage couldn’t
survive the fourteen rental houses and two sixplexes he and his wife
had accumulated. It could not survive because he was trying to do
everything himself. Looking back on his own experience, he felt
that ten would have been the magic number to keep his own marriage
intact. Ten may be the correct number for some people, and it may
be two or twenty-six for others. The number is relatively
unimportant. What is important are the demands which you allow
your rentals to place upon your time. Spending all your spare
time and energy on your rental properties would strain any personal
relationship to the breaking point and would probably strain you, too,
even if you could draw your family into the business to help.
If you persist in accumulating rental properties, you
must begin to hire help in order to preserve your personal
relationships and your own sanity as well. Don’t try to do it all
yourself. You’ll succeed only in becoming a lonely millionaire.
TIP FROM CROSSETT REAL ESTATE SERVICES
Consider the advantages of hiring a Property Manager!
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This web page was updated on 08/29/2012.