Steve Rozenberg of Empire Industries shares a list of things that keep landlords up at night.
As an investor himself, Steve knows there are things that used to always scare him and he would always be petrified when his phone rings.
It would depend on your business model
It means how you run your business. Are you a reactive person or a proactive person? If you’re telling yourself that you don’t have a business model, that would be a big problem. Whether you own 1 property or you own 50 properties, you own a business. There are laws and regulations, and there are a lot of people watching you when you have a tenant living in your property. So you need to realize that you are a business and you need to have a business plan.
The tenant ruining your property
This normally does not happen if you treat people with respect and if you put the right person/tenant in the property. Again, selecting the right tenant should be part of your business plan.
Having a fire breakout
Luckily, there is a thing called insurance, and your insurance will cover that. This is not something that you can control so you may want to obviously have smoke detectors and fire extinguishers, and make sure your property is up to Texas Property Code.
A tenant having to be evicted
This is something that everyone is scared about. But remember, it’s just part of your business, not emotions. If a tenant can’t pay his rent, you owe it to the owner of the company (which is you) to remove that non-paying tenant and put a paying tenant in. The sooner you do it, the better it’s going to be — to protect your property and the owner’s rights.
So those are the things that keep you up at night but one thing is for sure — you need to get a business plan. If you don’t have one or don’t know how to start, do not hesitate to call Empire Industries and we’d be happy to help with any property management-related concerns.