Since purchasing a multi-family rental property six months ago, NDQ HQ has been in a continual state of chaos as we immediately jumped into the landlording business, undertook a remodel of he apartment we would move into, started packing and getting rid of stuff, and all while holding down a day job.
We are exhausted!
Even so, it’s been a terrific time of learning, meeting new people, earning more money, finding ways to save, and making/learning from mistakes. Who wouldn’t want to do this?
Seriously, this isn’t for everyone. When I talk with friends about this business, some are quick to say that they could never do this. Have a difficult conversation with a potential applicant about their criminal history? Absolutely not, they say. Get frantic phone calls late at night? Not for me. Live in the same building with tenants? No way!
Ideally, as landlords we wouldn’t need to have these crazy discussions about past mistakes, or be awakened at odd hours, or live at our business. But, frankly, it hasn’t been all that bad. Maybe it is because of my day job, I am used to having difficult conversations. That makes a big portion of this work easy. I don’t avoid people, I am comfortable with conflict and I don’t have issues with being direct and firm with others. Since I am new to this business, living here has given me an advantage to knowing what is going on immediately and being able to fix a problem immediately. I also know that living here is temporary, so that makes it easier too.
Would I change anything?
Sure, I would. I have made mistakes and I am learning from them. But I wouldn’t undo anything at this point. This property has been a great investment. My income took a big jump upwards, I am saving more than ever and I am learning a new professional while I have the stability of a full time job that I love. Right now, life is great.
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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