Finding time to manage your real estate investment properties can be challenging when you have a family. Both require a committed investment of time and money, and it’s not easy to balance both. However, your investments provide the income you need to take care of your family.
If you’re struggling to manage your properties and take care of your family, these strategies will make it easier.
1. Work with a property management company
Being a landlord is hard enough as it is. It can take all your time to manage just one property. When you have a family, it’s even harder to find time for landlord duties.
Working with a property management company will change that. You’ll get your time back and you’ll sleep easy knowing your tenants and properties are in good hands.
What does it take to get a property manager?
Getting a property manager is easy. Your first step is to find a reputable company and find out what they offer. For instance, in Texas, Green Residential will provide a free property management rental analysis to all Houston property owners. Getting a free analysis or consultation is the best way to find out how you’ll benefit from a company’s services.
Without a property manager, you’ll burn out fast when you have to balance your family life with being a landlord. If you have multiple properties, you can become sleep-deprived quickly. Even if you can’t hire a full-service company and can only afford a single manager, the services are worth the cost.
2. Ask your family to work with you
It’s not unreasonable to ask your family to work with you on a schedule that will support your needs. Here are some ideas:
· Assign cooking duties to everyone in the family so meals can be taken care of without you when necessary.
· Get takeout or delivery of food on the days you need to be out and about.
· Set aside one day each week for spending time with your family. This way, they won’t feel pushed aside when you’re always working.
· Let things slide. If your kids’ bedrooms aren’t perfectly clean, let it slide. There are more important things to worry about than a floor full of dirty laundry. Besides, if their rooms get too messy, they’ll have a reason to clean up.
Being a landlord requires leaving the house for unscheduled and unpredictable periods of time. If you have small children who can’t be left home alone, consider getting a babysitter for the days you need to run around town.
3. Teach your kids about investing
Are your kids old enough to understand the basics of investing in real estate property? Start teaching them the basics. They’ll learn faster than you might think. Kids are like sponges and absorb information fast.
When your kids get older, they’ll be able to help you with your investments. For example, you can make them your assistant property manager to give them some hands-on experience.
You can also teach your kids plenty by using your properties as an example. For instance, give them a copy of your financials to teach them how to manage their revenue and taxes.
4. Get your real estate license
You’ll make more money in less time as an agent than you will as an investor. When you get your real estate license, you can act as an agent for buyers and sellers and earn a commission. You can also act as your own buyer or seller and save money on the commission you would have otherwise paid to an agent.
You can get your real estate license completely online for just a few hundred bucks from some sources. Once you’re licensed, you can hire a property management company and spend your time working as an agent to generate your income and still have time to spend with your family.
You can take care of your family and be a property investor
It’s not impossible to take care of your family and be a successful property investor. It just takes planning and an understanding family.
Hopefully your family is understanding enough to help out around the house while you pursue your investments. After all, your investments will benefit the whole family now and in the future.