Becoming a landlord and earning a decent rental income is the dream of many individuals who are frustrated with their poor income levels from their 9 to 5 jobs. Of course it is very burdening for anyone who is forced to work hard in their 9 to 5 jobs, only to receive a salary that is not enough to fulfill their dreams. But there are also landlords who are fed up with having to look after the maintenance of their properties and the tantrums thrown by their tenants. You may have googled ‘ sell rental property ‘ because you see no signs of pending leisure being a landlord. If you belong to this category of landlords, you are in good company. There are thousands of property owners like you looking for a way to get out of the mess they find themselves in.
Being a landlord is not everyone’s cup of tea
Being a landlord is not a pastime or something that will automatically generate regular income for you. It is a job like any other profession that requires time and effort on the part of the investor. You have to be prepared for the responsibilities that come your way as a landlord if you want to reap the rewards. Of course there are many people who enjoy being a landlord. But if you feel you have had enough and that you are not cut out to be a landlord, it is better to get out of this status and park your money somewhere else that suits your attitude and liking.
You cannot handle the repairs that are needed frequently
A rental property needs to be maintained in a top class condition all the time so that it is able to attract potential tenants. You can’t expect to continue to receive rental income without pumping in some percentage back into repairs and maintenance of the property. Dealing with these expenses can be costly headaches for many landlords if they are totally dependent on from income from tenants. If you have had bad experiences dealing with dishonest vendors and contractors, you know how costly it can be to be a landlord.
High vacancy rates can be a big problem
Having a rental property does not mean all individual units will always be occupied by tenants. It requires aggressive marketing and giving all facilities and amenities to your tenants that ensures your property has high occupancy rates. If landlords experience high vacancy rates for too long, their income can become adversely impacted and they may have to bear the expenses out of their own pocket.
Property Management Companies
Many rental property owners seek the services of third parties to manage their properties. They do this for a myriad of reasons but hiring property management companies can be a more costly and unsatisfying solution to conflicts.
Property management companies are an added expense that cuts into the landlord’s profit. Property management companies, typically charge about 5-10% of what you collect from your tenants for monthly rent. Although the percentage seems low, 5 to 10% can be bank-breaking in a down rental market.
Property management companies are also known to overcharge for simple repairs. A leaky faucet can turn into a several-hundred-dollar call to a plumber. A loose floorboard can cost the landlord thousands when the management company hires an outside contractor.
In order to prevent months of vacancies, which could end up in costly expenses for everyone, sometimes property management companies have no choice but to accept bad tenants. Sometimes a background check will be overlooked. Not only is this dangerous, but also could end up costing the landlord more money. Appliances or furniture can get stolen, turning a once desirable house into a fixer-upper.
Large property management companies wont always have the time to service the tenant’s concerns or complaints because they manage a vast amount of properties. It is important to know if your property management group is open 24 hours a day. If not, your tenants will be neglected during after-hours, and will call you with emergencies instead.
Some tenants can make life hell
If you are a simple, open and trustworthy landlord, taking tenants on “face-value” can cause a slew of problems. You can find some of your tenants taking you for a ride…literally. Not paying the rent for months and also causing damage to your property are just the start of some of these situations. If you do not remain alert, you could also face the prospect of squatters inside your property. All this can raise your stress levels and make you lose your sleep. There are many landlords who have been dragged into courts by their tenants on frivolous charges. You have to have a mechanism to flush out bad tenants before they make your life hell as a landlord. If you are not a knowledgeable landlord and aware of all rules and regulations, you can be easily taken in for a ride by unruly tenants.
There can be many other reasons why you are not enjoying being a landlord. If you are doing a job and live too far away from your rental property, it can be very demanding to be at the premises in time to solve the problems of your tenants. You have to be ready to receive phone calls or text messages of your tenants and act promptly on their complaints. If you feel it has become too much of a burden for you and there are more cons than pros of being a landlord, you have the option of getting out of this mess. You can sell your rental property and invest the proceeds of this sale into other profitable ventures.
Invest your money into something more rewarding
Of course selling a rental property without undertaking repairs and making it presentable is a very daunting task. Thankfully, there are many cash buyers who will buy your property in as-is condition without asking you to spend money on repairs. If you do not have the money and the time to be a landlord, the best possible course of action for you is to contact a reliable cash buyer and sell your property to them. It is a quick and easy way to dispose your property and get hard cash for it without hassle. 24hr Homebuyers is a company that has helped dozens of landlords by purchasing their properties at fair prices. Fill out our form or give us a call at 888-914-7325 today!