For a lot of people, getting into the real
estate industry seems like a fast and easy money making opportunity. Buy a bit
of property, rent it out to people that need a place to live, and boom, instant
profit. Unfortunately, it isn’t that easy, and there are a lot of problems
landlords face that can cause a lot of headaches.
Problem
Properties
For starters if you aren’t much of a DIY
person, then issues with the property can be extremely expensive. For those of
you that don’t know, DIY means “do it yourself”. Some people are great with
their handiwork and can flip a fixer upper home for a profit. But if a pipe
bursts on your property, or the roof needs to be redone, or any other number of
household woes need repairing, it costs a lot of money to fix if you don’t know
how to do it yourself. Maintenance expenses can really eat into your profit
margin, which is a major issue that most landlords don’t see coming. Every time
you have to repair a hole in the wall or replace an old or faulty appliance,
that’s just more cash out of your wallet.
Not to mention the amount of time and stress
that it takes to maintain a house, let alone several houses. Say you are a jack
of all trades DIYer, that’s fantastic, but it can take days, even weeks for one
household project. And that’s if it goes smoothly. All that time could be
better spent elsewhere, perhaps even more profitable to you. If you aren’t
trade-inclined, then hiring a handyman doesn’t just cost money, but it also
takes up your time having to oversee a project is being done correctly and on
time and can create unnecessary stress if not.
Tenant
Terrors
None of these previously mentioned problems
even touches on the idea of tenants. Let’s be real here, sometimes (most of the
time), people are the worst. And there’s just something about renting a house
that attracts the most annoying kind of people. Not only are you trusting these
complete strangers to not totally destroy the house, but you’re also hoping
that they’ll pay their rent on time and in full. Keep in mind that this rent
money is your profit, and if you don’t get paid on time,it can be really
stressful. Not to mention tenants that just never pay. Or tenants that do wreck
the house and cause lots of expensive damage. It all can fall apart very
quickly.
Some of the more severe cases of tenant
disputes include people just being awful. Maybe you’ve specified that no pets
are allowed on the property, but the tenants don’t care of tried sneakily bring
their dog to live with them. Said dog has now caused damage to the property,
costing you time and money to fix it. Now you’re in an argument with the
tenants because “what kind of heartless person bans dogs?” Unnecessary stress.
What happens if your tenants engage in illegal activities on your property?
Maybe they sell drugs or have turned the property into a Cannabis farm (it
happens!).
So what
can you do?
The point is, tenants can be horrible people
and being a landlord is one of the most stressful and time consuming jobs on
the planet. If any of the problems i’ve mentioned in this post have happened to
you, and you’re now starting to feel doomed to a life of stress and terrible
tenants, fear not! You have options!
Maybe you’ve been in the real estate game or
bought property to rent out on an impulse and are having second thoughts. The
easiest way to get out of the stress and hassle of being a landlord is to sell
the property. Maybe you’ve fixed up the property and are nervous about tenants
messing it up again. Why not capitalize on your work and just sell outright?
You can sell your house as is with little to no hassle and without needing an
agent! Selling to a home buying company is the simplest, most stress-free
option for ridding yourself of worrisome tenants and problem properties.
If you’re a tired landlord, then let us take
the that trouble property burden off your shoulders. Don’t hesitate; act now
and contact us for a free home offer!