Whack-a-Mole your stress away!!

Every once in a while, things happen in the real estate business that seem to put a damper on things…a really big damper.  

The game of real estate is an ever changing battle with unforeseen events popping up all around you….much like the game of “Whack-a-mole”.  They key is to whack the mole as quickly as possible and then be on the lookout for the next one!

I’m here to tell you to hang in there!!

Even the most seasoned investor has times where he thinks “Man, things are getting tough….maybe I’m not cut out for this.”…..but the seasoned investor quickly puts these worries aside and fixes the problem… and then move onto the next one……Whack a mole!!

Credit: smartboardgoodies.com

The thing they don’t tell you is every time you deal with a problem, the better you are equipped to deal with the next one.

Speaking from experience, I often look back and laughed at what I considered “stressful”.  The problems I have faced in the past seem smaller and smaller each time something comes up!  Things like a leaking tap or broken stove seemed to be keeping me up at night.  Now it is a phone call and a $50 repair bill.  No big deal. 

As I have said in the past, being able to handle stress is a competitive advantage.  And the more stress you can handle will give you the fortitude to drive forward in the face of adversity!

Hang in there everyone!! And one day real estate may set you free!!

Fire Prevention – Document , Document, Document

In my real world job, I recently went through a fire at one of my properties.  The fire was in late August and I am still dealing with the fallout today.  Luckily almost everything was in place and there was limited push back from the Fire Department. …..luckily….

The main point I want to get across is that you NEED TO DOCUMENT EVERYTHING.  I cannot stress this enough and this goes for the smallest landlords to the biggest landlords.

When it comes to big landlords, there are numerous things to organize and take care of.

Typically for smaller landlords, there are only a few things, however having your affairs in order and properly documented can make all the difference.

photo credit: westperth.com

For those out there with smaller properties, here are some things to think about:

1.       Smoke detectors:  These have a 10 year life span at max and the batteries should be changed every year.   Having the detector hardwired is much better and you don’t have to change batteries…just push the button to test it.  These also come in a battery-backup version.  Remember: document all of your inspections, tests and battery changes including dates and times.

2.       CO detectors:  Even if you don’t have a gas burner appliance or wood stove, it is a good idea to have at least one of these.  Again, test it frequently and document this.

3.       Fire extinguishers: Make sure these are charged properly and have an inspection tag if possible that is updated monthly.

4.       Fire Safety Plan: This is usually reserved for bigger properties (ie, larger than 10 units) however those buildings with fewer units should still have a plan.  This plan should be put to the test with quarterly fire drills and practiced escape routes.

5.       Letters of acknowledgement:  All of the above should be signed off by the tenant at the property…not just the landlord…and have this witnessed by a third party.  This insulates the landlord from any potential lawsuit.

Does anyone else have any other tips for fire prevention??  Comments welcome!!