The Most Feared Activity for Landlords

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The Most Feared Activity for Landlords

Over many years of coaching Landlords, Investors, and Real Estate Agents I’ve come to this conclusion:

Your Dreams and Nightmares are always about THE SAME THING.

Your most dreamed about issue?  It is always making large amounts of money so they can have Financial Freedom.  It’s you visualizing their bank account balance swelling up.  It’s you visualizing your ROI numbers and seeing it start with a larger integer than last year.

Your most Nightmarish issue?  It is always procrastinating the grunt work of actually running the financials on your rental properties.  It’s “stepping on the scale”.  It’s the attitude of “What I don’t know can’t hurt me, right?”  “If I don’t look at the numbers, they’ll certainly improve on their own….”

I’ve learned that I can ask clients to run a simple worksheet and they don’t want to do it.  They’d rather talk to 10 life insurance salesmen than actually get a grasp on the hard cold truth of how their investments are performing.

And here’s the ultimate rub:  The landlords and investors who are the beginners are the ones most hesitant to do the basic number crunching, yet they are also the same folks who talk big about wanting to buy more rental properties yet have no clue how their current units are performing.  And yet, just like in stepping on a scale to monitor your weight, it’s important to know which direction the numbers are going…..

Now, surely this isn’t you, of course, because you’ve come to appreciate how simple this can be done once a year or even once a quarter.  But if you, by chance, know someone who is scared to step on the scale, be a good friend and give them a nudge.

We all need a nudge, after all, to get our butts on the scale from time to time.

Myself included.

 

 

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