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.


Consider the advantages of hiring a Property Manager!

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This web page was updated on 08/29/2012.