When we owned two rental houses, my wife and I pretty much took care of everything. We have replaced water heaters, broken windows and storm doors and so much more on our own. We have gotten up in the middle of the night in the winter on a holiday to go and fix a toilet that would not flush only to find the chain came loose on the flapper valve. Now that we own commercial properties, we hire experts from an HVAC facilities management company to professional landscapers to take care of everything.
We put our time in as young landlords building up income to buy better properties over time. Now we have a mix of residential and commercial properties along with one industrial complex. We do not go around and fix anything anymore. That is all left to the pros. When the big air conditioners on top of a retail store we own shut down, the HVAC facilities management company took care of the problem. I would not have a clue as to what to do for a system like that. We have not even collected rent in person now for over 20 years.
I remember the days when we had a lot more contact with tenants, but things are different now. We are older and are enjoying the time with our grandchildren. It is nice to be able to not have to run out of the house in the middle of the night to go fix toilets anymore. We have put in a lot of time doing that and so much more. Our professional property management experts take care of all the details now, and it helps us keep the buildings leased and occupied with happy tenants. It is nice to have a positive cash flow that is not put at risk when a tenant needs something simple like a new water heater. The old days were fun in their own right, but this is a whole lot easier.