Property investment has come a long way from the days when a landlord managed his own property; door knocked for cash rent and did his own repairs. These days it is an accepted and professional way to build your wealth and income security for the future.
The key to successful property investment is to treat it as a business. This means emotionally detaching yourself from the property.
This may mean ensuring you do not form a talking relationship or friendship with your tenant. Leave this up to your Property Manager. You never want a tenant using ‘but the landlord said’ against your Property Manager. If legal steps need to be taken due to rent arrears, you won’t be burdened emotionally by the tenant’s circumstances.
If you used to live in the property that you now call an investment, then realise that a tenant is never going to look after the property the same way as you would.
The professional property investor treats it like a business and leaves the hard work to their Property Manager. At the end of the day, you’re purchasing ‘peace of mind’ by hiring your Property Manager, so enjoy it!