You know by now that NDQ HQ is preparing to close on a multi-family property. Aside from the financial aspects of a real estate transaction, there are also the business portions of this type of property to get ready to manage.
Rental property ownership is a different kind of business, but it truly is a business and should be treated as one. It isn’t a hobby or something you tend to when you feel like it. This is an every day, every hour undertaking that sometimes hits you up for your attention at the most inconvenient moment.
To become proficient at the new endeavor, there have been meetings galore: the new lawyer to discuss leases and avoiding discrimination complaints; the hardware store to price cabinetry and other items that will be required before our big move; and the city to get a handle on all of the rules and codes a landlord must comply with.
Along with all of this, we’ve been packing and eliminating belongs left and right.
What’s the lesson? This isn’t for everyone. It’s a lot of work. It costs a lot of money. There are disruptions at the day job because someone either at the bank, title company or city needs something. There have been a lot of hours working on leases, dealing with contractors on final repairs, creating budgets, calculating expenses…and the real work of ownership and management haven’t even begun.
Landlording is going to be a learning process. I’ll be documenting the journey as it is a big piece of my plan to retire early. The challenge will be to maintain the property and keep up with tenants in addition to saving up enough the buy the next rental property. We’ll work hard to find new ways to save/invest/buy. Stay tuned.
p.s. Check out the new NDQ Guide: 500 Tips the guide that will give you actionable steps to jump start your savings and investing immediately.
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