As a mom-and-pop landlord you have to learn everything already. Why not learn a better way first. If you can become a landlord master then you can make retirement obsolete. Don't let the idea of doing a little work discourage you from being a landlord forever. This is not hard.
Be encouraged, you can do this! If you are a landlord consider it a blessing; we have self-service management now — it's so easy my kids can do it! If you're a landlord that wants to save time and avoid traps, then self-service management might be worth learning. As a small-time landlord, you have to decide how you want to go about this.
Now that you've learned from me the goal is real freedom, you're probably thinking you're good to go learn the basics, then go it alone, testing different things and finding what works best for you over time. I'm not knocking it, after-all that's similar to what I did. I am reflecting how long and risky it was though...
It's kinda like learning to drive a car. Sure, you could figure it out on your own, but that would be super unsafe. Or, you can be taught by an amateur. You'll learn the basics, e.g. how to park, use turn signals, check your mirrors, etc. Once you hit the road, that's when you really learn, but it will still be risky. Or better yet, if you learn to drive with an expert instructor, you'll learn a winning strategy. Not just the basics. As a result, you'll quickly reduce your risk on the road sooner and become a better driver for life. You know what I'm saying?
If you are willing to commit to real freedom and want to learn how to use self-service management, I can show you the way. I got the map, you can have it. If you're going to embark on a journey as a landlord, wouldn't you want to have a map so you'll have directions to your treasure? If you're already thinking in your head reasons why I'm wrong or how this won't work, that's exactly why it will never happen for you.
For those of us who feel lucky to be landlords, who love the idea of cashflow and financial freedom, remember rule number one. Do not get caught up working in your business to save money! You will lose your personal freedom! No one gets a rental property to have less free time. You will never be really free if you get stuck in the weeds of being a landlord. If you break rule number one, you will eventually start second guessing yourself and the idea of selling out will sound good. You have to be a real freedom fighter. Will you fight for it?
You'll be constantly nudged to exit. If you don't plan to hold forever you make short-term decisions that increase your chances to sellout. Over time your net worth will grow, housing prices will rise, people or hedge funds like BlackRock and other greedy investors will be sending you mailer offers to buy you out, etc.
If you don't become a landlord master, eventually the idea of cashing out starts to become more and more convincing. Don't do it! Commit now to never selling. If you design your rental business to be easier to run than sell, then there will never be any need to exit. Does this make sense?
Wealthy people never sell their assets. So I say, if you want to be wealthy, you should never sell your rentals. The KEY is cashflow forever! That's the forever difference. If you never expect to retire, you won't think retirement is the finish line. There's no finish line! The goal should be real freedom. I don't know how else to explain it, but the journey is the point, NOT the destination. You know?
Focus on your meaning and satisfaction in life along the way. Imagine this, if you held on to your rentals long enough to have them eventually paid off, and you used self-service management so everything was easy for you to maintain, would you be free? How many rentals would it take? You might be just one rental away from real freedom!
Try to at least master what it takes to handle your rentals now, so later it will be second nature, super easy for you, and maybe one day you can hand them off to your kids as an inheritance. That's what I plan to do.