What I Like About the Rental Business!

I am often asked what I like about the rental property business. Of course, I like receiving the monthly cash flow and building wealth. However the number one thing I like about the rental property business is FREEDOM! The Freedom to be free from a 9-5 job. The Freedom to set my own schedule. The Freedom to make as much money as I desire (if I want more money, I simply need more rentals). Freedom is very important to me.

To see what I mean, here is a synopsis of my week:

Monday, I went to a real estate auction and then worked all afternoon fixing a clogged main sewer line in one of our single family houses. That is the glamorous part of real estate investing!

Tuesday, I worked about 3 hours on one of our apartments.

Wednesday, I attended the Sheriff's Sale/Tax Sale in the morning. Didn't buy a single property at either auction because all 10 of the properties sold at a higher price than I would pay. Just after the sale, I got a return call from a guy that was selling his motorcycle. I had seen his ad on the internet the day before and thought this was an absolute steal. I took the rest of the day off on Wednesday to go buy the motorcycle.

Thursday morning, I spent about 3 hours steam cleaning the carpets in one of our houses and meeting potential tenants at the same house. Four college kids came to look at it and did rent it. I took the afternoon off to go play with my new toy (motorcycle).

Friday was the first day of spring in Ohio. After several weeks of TERRIBLE weather, it was sunny and 61 degrees!!! I took the entire day off. My wife and I rode our bicycles in the morning and then spent the entire afternoon riding my new motorcycle. What a GREAT DAY!

Today, Saturday, I'm planning to spend about 3 hours this afternoon working on one of our rentals. If it doesn't rain, I'm going to work on overgrown brush in the back yard. If it does rain, I need to do a second steam cleaning of the carpets.

Next week, my wife and I are planning to go camping 3 days, weather permitting. My plan is to work 3-4 hours on maintenance and cleaning projects four days next week. Then, we'll take the 3 days off for our camping trip.

The rental business really boils down to this: the tenants tear up the rentals and the landlord fixes them up. With several dozen rentals, it takes me about 12 to 16 hours each week to keep up with the maintenance/cleanup/painting, etc. Obviously, this is work that must be done. However, when I do the work is up to me. I could work two 6-8 hour days and take the other 5 days off. I could work six 2-3 hour days and take the vast majority of every day off, or I could choose to work four 3-4 hour days each week (which is what I normally do). I could also choose to work four 6-8 hour days one week and take the next 10 days off. It is my choice!

Do you see what I love about the rental property business?