Becoming a landlord is something that many people dream about. However, after many years in the business, the shine might have come off the idea, and you may be looking to do something else. 

If that sounds like you, this content can help. It explores how you can stop (yes, you read that right) being a landlord and exit the industry to focus on something else. 

Here’s what you need to do when you get tired:

Consider Why You Want To Stop

The first step is to consider why you want to stop and whether it is a valid reason. Many people quit through sheer frustration with the market or incompetent tenants, but these issues usually resolve themselves. However, deeper issues, like time commitment or a shift in priorities, can make your decision easier. If you really want to move and try something else, then quitting your job as a landlord might be the best move, allowing you to step into a new arena.

Review Existing Lease Agreements

Next, you’ll want to check your lease agreements and see how long it is going to take for you to exit the industry. Usually, you’ll need to wait for these to complete their minimum terms according to the original contract. Unfortunately, this is usually several months, but different properties will likely come due at different times, allowing you to unload them one by one.

Look At 1031 Exchanges

You could explore 1031 exchanges if you’re in the U.S. These allow you to reinvest money you receive into more investment properties elsewhere without tax, perhaps if you were considering getting into commercial real estate or hotels. However, this may not be the full exit from the industry you were looking for if you long for a quiet retirement or no longer want to deal with agencies.

Notify Tenants Early

You should then notify your tenants and make sure that they know that you want them out after their terms finish or before. This reduces the risk of legal issues and gives them plenty of time to get their affairs in order.

Pay Off Mortgages

Once you sell a property, you’ll need to pay off the mortgage. Getting rid of this debt overhang is essential if you want to feel emotionally disconnected from the landlord business, as well as stopping it as your day job.

Usually, you can pay off mortgages with the proceeds from the home sale. However, sometimes, if you’re in negative equity, you’ll be left with a bill you’ll need to meet through regular savings, which can be painful.

Hire A Property Manager

To help you through this process, you may want to hire a property manager temporarily. They can provide on-the-ground assistance to tenants while also ensuring rental payments keep coming in and properties are maintained.

Hiring a manager is also helpful for handling daily tasks. They can continue collecting rent for you and manage everything you normally would, allowing you to get on with your life before all the sales go through.