Why do we work as landlords guarding and caring for our properties?
Why do we put up with all the problems such as getting rid of bad tenants, keeping deadbeats out, complaining tenants and floods?
Why do we keep on persevering even in spite of having a bad year like 2010?
Recently, I read the fascinating bestseller Bernie Madoff book, Too Good To Be True by Erin Arvedlund.
I mention it because it is an excellent step by step guide on how to lose your fortune.
But I’ll summarize. Some very smart wealthy people broke the first rule of investing. They handed their golden eggs and geese over to a fox thief.
We are hands on investors. We watch our nests very carefully. Spending money is painful for us and we understand you have to make your properties better so you put the money in them. But we are ever vigilant and we certainly do our due diligence on anything and everything that involves our hard earned reserves.
I guess I grow tired of people making fun of us. Someone did make fun of me yesterday, or at least I perceived it as such. I was working on one of our properties and the person questioned me as to why I found myself doing such work.
Well, let me explain.
I want to oversee it and make sure things are done properly. We had a problem that needed to be solved. We got in there and yep, we had dirty hands before the afternoon was over.
But it was also kind of a good feeling. We took care of the problem and that property will run more smoothly from now on. And it is a money maker.
For now, our real estate investments and money are safe. That means our retirement is also safe, unless the government taxes us more severely. But we’re not crying like many people in the Madoff book who let that sly fox attack their hen houses and devour all those golden eggs.
Here’s my take away.
Those folks forgot something very important. They forgot to ask questions. One stated he didn’t want to ask very many questions because he was getting such a high return on his money.
You should stay on top of everything whether you’re making money or not. You just need to know and with real estate investing you often find out very quickly.