The Worst Bloody Thing About Being A Landlord

Hi all!

I’ve very recently come stumbling back from a scandalous trip away in Vegas, hence why the stream of fresh content has been dry as a Nun’s vagina for the past few weeks. Apologies! I actually did plan on blogging while away, but it turns out I am only human, consequently I found the booze, the women and the flashing slot machines a tad more appealing than typing away in my hotel room. HOWEVER, I’m back to blogging now, and I’m sincerely more depressed than ever. That’s the problem with holidays- the lead up is exciting, the time away is amazing, and the first day back to reality is…devastating, and oh-so “Shoot me. Now”

I love my full-time job, but when I woke up this morning, the thought of going back to my nine-to-five made me almost throw up in my mouth. I’ve got the classic holiday blues, big time. I’m going through a crazy phase where I just want to sell up and jump on the first flight back to Vegas. I genuinely do love it there; the lifestyle, the people, the sun, the ridiculous American food portions, and even the cheap looking women that have overkilled on the implants. I can see myself getting a part-time job in a trendy bar on Las Vegas Boulevard, where the uniform consists of just a bow-tie and tight leather trousers with butt-check holes. I don’t need a wealthy life in Vegas, just a life will do.

Reality is, I can’t just pack up and leave! I have mortgages, I have tenants…I’m a landlord. I’ve had a rant about this whole shit before, where I throw a hissyfit about how being a landlord is like being trapped in a box, so I won’t bother overly repeating my mundane rant. I just wanted you all to know where I’m at right now because I know you all care.

Basically, I think the worst thing about being a Landlord (with mortgage debt) is that I can’t elope just for the damn sake of living life to the max. I guess it would be a lot easier if I was a landlord that didn’t have any mortgage debt because then rent could be an easy and reliable source of income and I wouldn’t completely begrudge paying a letting agent to handle the day-to-day bullshit while i’m laying poolside with an ice cold beverage in my hand.

I know a lot of Landlords live abroad and get agents to handle their properties, but I wouldn’t feel comfortable doing that while I still had mortgages to pay. Being a debt free landlord makes life so much more flexible. I mean, right now I rely on tenants to make rent, and the worst possible scenerio would be for a tenant to fall in arrears. I just wouldn’t trust Letting Agents with the responsbility of handling arrears while I’m so far away. No matter what any agent says, they won’t be the one staying up at night worrying when a tenant falls in arrears and causes you to miss your mortgage payments.

I don’t know if this is just a stupid rebellious phase or not, but if in the coming weeks I write a blog entry about actively selling a property, it’s probably because this phase I’m going through isn’t actually a phase, but more of a life altering panic-attack that has forced me to do something that I actually want to do. There’s just something about being pinned down which makes me feel rather claustrophobic and uneasy. Hmmm..kind of like marriage, now I think about it.

So, my fellow Landlords, have you ever just wanted to sell up because you have new aims and objectives in your life? Also, what do you think is the worst aspect about being a Landlord?

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18 Comments- Join The Conversation...

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Dan Harrison 9th June, 2009 @ 09:28

I get you completely. I only became a landlord so that I could ride out the current property bubble plus test out living with my gf. I'm really looking forward to selling, but I know that patience will do me well.

It's probably a bad time for you to sell too. Might be worth coming up with a plan to keep your sanity for now!

Dan

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Petrona 9th June, 2009 @ 09:46

The only thing is this: with the benefit of my plentiful experience (I'm 32 ;) ) I can promise you that you'll look back in ten years' time and regret selling. Trust me, I did. I wish I'd hung onto the property I bought at 21; but I didn't, I sold it when I was 23. Mistake. It would now be worth about three times what I'd paid for it. And it was an ordinary apartment, in an ordinary area; nothing special.

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The Landlord Avatar
The Landlord 9th June, 2009 @ 10:37

Hey people,

Ahhh so glad i'm not the only one!

I know exactly what you're both saying, and I know you're right because deep down the "responsible" part of me is saying the same things. I need to be patient, but that's the one thing I'm not, unfortunately!

Selling now would be suicide, even though i'd walk away with a small profit. But a part of me is saying, "money isn't everything, I'm still young, I should act crazy and irresponsible while I can". But on the flipside, i can totally see what you're saying Petrona.

I definitely need to think of a plan to keep my sanity, for now. Hmmm.

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Jools 9th June, 2009 @ 11:05

There you are bitching and whinging again - welcome back oh miserable one!

I love vegas too - went a few years ago on the off chance and loved it - been 4 times since and cant wait to go again. I'm no gambler (is that an oxymoron - not a gambler/being a landlord?) but find the place facinating.

In the words of Mr Branson - always have a plan B and always cover the downside. Be brave and hang on. I have invested all my savings/inheritances over the past two years and have bought 6 properties - still looking now BUt it is providing me with an income now and it will only get better. Stick with it folks.

Remember when all around you are losing their heads - remember to charge them extra for the clean up!

Jools

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The Landlord Avatar
The Landlord 9th June, 2009 @ 11:30

Hello there, Jools :)

That was my 4th trip out there, and it just gets better each time. I'm planning to go back ASAP! I seriously have a soft spot for that place, hence why i'd love to live out there for a while. You're dead right, the place is facinating!

I'm not a huge gambler, I just made silly little bets. Although, on the last night I did go a little crazy, consequently ended up paying for it.

Ahhh Viva Las Vegas!!

I could make a small income from being a Landlord, but I've chosen to make repayments while I can =/

"Must stick with it! Must stay focused!"

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Dan Harrison 9th June, 2009 @ 11:38

Might be worth thinking about plan B then. Finding a way to make money other than with your day job, and other than the properties.

I'm in the process of leaving my day job (as you know), but it hasn't been confirmed yet and its only a few days away.

Dan

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The Landlord Avatar
The Landlord 10th June, 2009 @ 08:11

Hey Dan,
I've been meaning to ask...
How do you feel about the prospect of leaving your day job? Excited? Nervous? Worried? Do you think you'll earn enough to cover the cost of living?

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Dan Harrison 10th June, 2009 @ 08:23

Am excited and slightly worried! I have savings to last me 12 months on the most basic income possible. Therefore if I make nothing, in 12 months I'll have no savings, but I won't have issues paying mortgage, rent, etc.

My girlfriend and I came to an agreement that we'd take the opportunity on a reduced income. She knows how unhappy I am in my current job, so she's willing to help me do what I love doing.

I know how hard I'll work, so I think that I can make a basic salary within 12 months. :)

Dan

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Jools 10th June, 2009 @ 10:04

Go for it Dan! Wish you all the best - trouble is working for yourself makes you basically unemployable to anyone else cos you realise what a bunch of idiots bosses can be. I know from experience. Self employed, company bought out and worked for a c***, saw the light and told him to f*** off and now self employed again! Amazing how many ten bob millionaires out there who think they are Alan Sugar or Richard Branson! Me? Happy doing what I am doing - not too much hassle, a few laughs and some great tenants!

Jools

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Dan Harrison 10th June, 2009 @ 10:08

Thanks for the support Jools!

Trouble is, this is my 3rd self-employed venture, so already at the unemployable stage. One of the reasons I'm unhappy is that my day is filled with pointless cr*p.

I'm pretty sure I'll make it. Not aiming to be a millionaire. Just want to enjoy what I do and earn enough salary to enjoy life. :)

Dan

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The Landlord Avatar
The Landlord 10th June, 2009 @ 11:03

Ahh you guys are planting seeds in my head! STOP IT, before I do something crazy!!!

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Guest Avatar
Jools 10th June, 2009 @ 11:25

Perhaps we should have a Christmas Directors meeting? Or not! My Christmas party consists of me and my wife - half a dozen part poppers and a half carafe of house red!

Jools

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Dr Nogood 11th June, 2009 @ 19:41

Careful with poppers, they damage your brain. I'd go for the full carafe and ditch the poppers.

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Jools 12th June, 2009 @ 07:46

A whole carafe? Blimey thats really pushing the boat out. I am but a poor landlord, would have to consider sticking rents up!!

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Dr Nogood 13th June, 2009 @ 16:39

It's Christmas...they'll understand.

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Roko 17th June, 2009 @ 14:12

Hi, this is my first time and I hope it all goes well. It will be much appreciated if anyone can give provide me with tips and advice on how to start wih budget of 200,000 pound, which I saved up from my job income. I really like to invest on properties abroad maybe in dubai, but I want to set up an investment company, so that I can buy several properties, which are currently under construction in dubai. Any advice on how I can set it up? I'm very optimistic person even if the world economy is dire. Thank you.

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Guest Avatar
Jools 17th June, 2009 @ 14:18

Roko - Firstly welcome! Secondly - Dubai? Are you nuts??

Dubai is in serious trouble property wise and I know of several business men who after investing heavily in Dubai are looking for exits strategies - in laymans terms they are getting seriously worried and baling out. The news has been full of stories of people driving to the airport, leaving keys in their Jags, Bentleys etc and flying out! You may as well go to Vegas and bet your £200k on the roulette table!

Stick to areas you know - ie home towns or where you went to college etc (if applicable). Spread your risk.

Dubai - no way. Qatar - maybe. Oman - Maybe BUT all very risky investments as far as I am concerned.

Jools

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Steve 1st July, 2009 @ 15:21

Dude, I've been all over this 'selling' issue pretty much since I bought my rentals. I know you don't make money be cutting and running, but its definitely hard to stay motivated when you don't make a lot of cash each month.

I lived in Ireland for a while (My rentals are in Canada) and I hired a property manager. He really F'd things up for me and when I moved back I had to spend 6 months cleaning up his mess. You can never really cut the strings even if you're paying someone to take the worry away.

I've just recently come to the conclusion that I'm going to sell my places and see if I can 'buy up'. I wrote a blog post about it, hopefully its interesting: http://skyscraperdreams.com/2009/06/29/switching-gears-selling-up-to-generate-more-cash-flow/

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