What does it mean?
The Maanlord has been asked by a couple people so far what exactly this tag line means that ends each one of our blog posts. Ever hear that oft repeated adage, it’s about the journey, not the destination? Well in the world of real estate investing, particularly that part which involves long term holding and landlording, the opposite is actually true. The destination is what it is all about, not the journey. I’m not discounting that in some instances the role of landlord can be very rewarding and fulfilling, but more often than not, landlording is a frustrating and nerve wracking experience, even for the most experienced and efficient property managers and landlords.
What we relish is the concept of keeping our eyes on the prize, the fact that someday, we will be able to either liquidate our mostly paid for or appreciated portfolio, or we will have a nice little nest egg of free and clear properties, that we can really have the pain managed away from us and live a life of real passive income. And for the more deftly acquired properties, there is actually a good amount of cash flow and depreciation write-off in the now as well.
The key to surviving is to work smarter and not harder, to do things and effect policies and guidelines in our landlording duties that keep our expenses down, and maximize our rental income over time. That involves writing as bulletproof lease as possible, having a solid application and deposit process that minimizes rental losses and maximizes collections and garnishments, outfitting your rentals to be durable, and sticking to a set of set in stone rental policies and procedures to reduce drama and keep everything strictly business. If you need help with this, that’s fine, we all needed help or advice at some point.
That’s why this blog exists. But if you want MORE help, through the Maanlord’s investment arm, Equity Momentum Investments, we do offer landlord coaching to turn that landlord frown upside down and get you as close to a stress free and cash flowing situation that is possible for your case. If we can help you at all step back from the cliff and set goals, priorities and establish a solid core of policy and procedures, please contact us directly at firstname.lastname@example.org.
About the author: Jeff Sullivan has been buying, holding and selling investment property for over ten years. He currently has over 40 units in his private portfolio and consults others on doing the same through his Real Estate Investment Consultancy, Equity Momentum Investments. He can be reached at email@example.com.