Am I Bi-Polar? I get excited then have anxiety attacks!!

[Queen Bee]

Am in the process of getting my third IP. We were really excited after we made the offer and it was accepted. All the numbers worked. But then first my partner started having anxiety attacks. Will anyone want to live in our rental, will everyone in town move out and they'll be no one to rent our place, will everyone hate the place etc etc. I told him to shut up and of course it'll be OK.

Obviously he made me get jittery, because I couldn't get a decent nights sleep for 2 days. I had this dream of me standing over me sleeping, "why did you buy a house in that town, what a stupid thing to do. No one's going to want to live there, you're gonna have to fork out the mortgage payments yourself. Have you gone barmy, what were you thinking, you're asking too much for rent"

We both woke up this morning and said, right, we're lowering the rent.

I got so uptight, advertised with the RE agent, on the internet, 2 free rags and 2 different local papers. Whew, the first paper came out today and we're starting to get calls. One of them, a young couple, have already done a drive-by tonight and rang back and said they love it, they're really interested. We're meeting them up there day after settlement, along with another guy who's place is getting sold. We're breathing easier now, but this always happens to us and we've had absoluately no problems renting them out.

Are we going nuts. Do other people get the jitters about renting their properties out. I know it's really stupid, but we just can't help it.

Cheers
QB

 

[MarkB]

QB

Sounds like you're human to me.

Welcome to the club.

Cheers Mark

 

[Les]

G'day QB,

In Real Estate parlance, it's called "buyer's remorse" or "buyer's blues" - happens all the time !!! It probably builds in that time when "you have it, but you don't yet" (i.e. the gap between committing yourself, and actually taking possession).
Probably a little like "layby" in a way. If you'd bought a new car, you'd already be driving it, showing it off, and enjoying it. But, with a house, there's that bl__dy delay !!! And that is the time where you mentally flagellate yourself.

Don't be too quick to "drop rents" - you can always do that AFTER you own it, and it is not renting !!! This is a "tender" time for you - so avoid making rash decisions while you are tender....

Let's face it, you've probably already done your due diligence - so why throw it all out the window now???

WAIT a bit - chill out.... You can always do this"Omigod" stuff later anyway - relax, and enjoy the journey,

Regards,

 

[BUNDY]

Queen Bee,

I think you were right the first time. You should be locked up in a mental institution and the key thrown away.

You are obviously not in the pack of sheep who just sit around and do nothing.

Congratulations on your 3rd property.
Get a tennant in ther and just sit back and enjoy it. - then next week start looking for another one!!!!!!

BUNDY

 

[astroboy]

QB,
go with your first instincts I've found them pretty good, everyone gets the jitters occasionally. I must admit I found number 3 the hard one, I've heard some others say the same. Anyway onward and upward you've reached the small club now.
ab

 

[Kristine..]

Dear Queen Bee

I inspected my first investment property this afternoon. I have owned it since 1994, when I bought it complete with tenants.

After them, I did some work such as fences, downpipes, ducted heating, then didn't see it again for over five years until it was vacant again.

Then, I repainted the living areas and the kitchen, put in a new stove and had safety circuits installed.

Now, after another two years, perhaps I'll finally change the Studebaker curtains for something a bit more modern and get a quote to replace the carpets which are getting a bit thin in places.

The Agent has already taken an application, from the first people to see it. Maybe I won't have time to do the carpets?

The outgoing tenants left it spotless, even raked over the gardens and sprinkled grass seed. They had a dog and were grateful that I allowed pets.

Never be nervous about letting out. There will always be a demand for good quality family homes. It's a win-win situation.

Sleep well

Kristine

 

[willair]

I dont think you have any problems at all,its normal at settlement
to feel this way,with the rentals i do most of that work myself,real estate people act different to normal people ,a simple test walk into any r/e office and ask what rentals they have on thier books, then walk into another r/e office and say you wish to list a property for sale,both times you will be treated different....
with rentals returns if you have too lower the rent to keep the property rented then that has to be factored into your plan for that property,so many people i know keep on putting up the rents each six months,but what they are starting to see if that some of those rentals cant find tenants, in inner city brisabane
thier seems to be so many for rent, lease,one i walk by each day
has been that way for over 7 weeks,but then again who can afford the rents in the first place,thats the question you have to ask yourself in the first place.
good luck
wilair..

 

[Queen Bee]

Thanks everyone for assuring me I'm normal - well nearly all of u!! LOL

I'm over my anxiety attacks now. Had heaps of calls today. No one had any problems with the amount I'm asking. All the prospective tenants want long term as well.

Now we're practically fighting them off with sticks. I feel really good now, actually I was feeling quite cocky today!! haha

Cheers QB

 

[D.T.]

Hi QB,

If thats the case, perhaps you're not charging enough rent?

I'd try looking at comparable properties in the area and seeing how much they rent for. Talking to a couple of property managers should be of assistance here.

-Regards

Dave

 

[Queen Bee]

Already have, and we're charging at the high end. Probably just at the right place at the right time.

Cheers QB

 

[Aceyducey]

QB,

Treasure that jitters experience!

You're over the hump - you won't need to have it ever again.

Cheers,

Aceyducey

 

[Queen Bee]

Why? Is number three IP the hardest hurdle?

I'm sure I read that somewhere on here. Already looking at No. 4.