Being a landlord may be profitable and gratifying, but it also requires a significant amount of time and effort. It’s no surprise that there are many people who would prefer not to be landlords anymore, but what can they do?
Being a landlord can get exhausting because you need to keep up with regular maintenance for your rental units while also making sure you have found the right tenants who will be good for your property. Once you’ve found those ideal tenants, you need to make sure they pay you on time and stay 5-star tenants throughout their tenancy.
Being a landlord has some major downsides, as well. There comes a point where some landlords may even choose to sell their rental units due to all the stress and headaches involved in managing them.
If you’re tired of being a landlord, the good news is that there are options you can take to avoid these problems in the future.
3 Reasons being a landlord can be a headache and what to do about each
One of the biggest challenges landlords face is dealing with problem tenants; like tenants not paying rent on time or even not paying at all, tenants damaging your rental unit, tenants failing to follow through on repairs themselves, which creates a domino effect of more costly required repairs for you as the landlord.
Even if you’ve already found “perfect tenants” who pay their rent and take care of your property, there is no guarantee they will stay for an extended period of time. You can conduct thorough background checks including credit reports to try to decrease the likelihood that they will leave soon after moving in, but this isn’t always effective or due to circumstances beyond your control.
There is no question that dealing with problem tenants can take its toll on landlords. The best way to avoid the headache of tenant problems is to sell your rental units and avoid them altogether. However, if you’re not ready or interested in selling at this time, you can consider other options to avoid future headaches. Like selling the house Owner financing, in this scenario you will still make a profit out of the house but avoiding all interaction with tenants. Whatever option you are looking for, we can help you out.
Another problem landlords face is getting their tenants to take care of needed repairs and maintenance. Even the best tenants can ignore issues that need to be taken care of, which can lead to larger problems down the road that will have a negative impact on your rental unit, its value, and your ability to collect rent from it.
Even if you can convince your tenants to report repairs that need to be made, they may not always take the necessary action. For example, a tenant may promise to fix report all to you but never do it or ignore other problems in your home such as a leaky sink or toilet. Without taking care of these issues fast enough, the damage could become extensive and much more costly for you as a landlord.
If you’re tired of being a landlord because of the stress and time involved with dealing with tenants and properties in need of repairs, you can always evaluate the performance of your investment property and decide if it makes sense for you to keep it or just cash out and use the proceeds in a more beneficial investment for you.
As a Landlord you know you will be dealing with unexpected situations, maybe problems involving your tenants that you may need to have to resolve. This will most likely need to be taken care of by yourself and could add hours into your day, often without getting paid for it. You could be facing issues with leases, maybe a tenant decides to break their lease agreement early on you, this will require time and effort if you want to be paid for it.
The unknowns are everywhere when we talk about being a landlord , you don’t know when a tenant might destroy your property and do not leave, you may need to get an eviction order through the courts which can take time and be costly.
Being a landlord is hard work and unfortunately there isn’t anything we can do about it. If you are tired of dealing with tenants or taking care of repairs yourself then sell out and get ready for new opportunities that will feed your success!
What to do if you’ve had enough being a landlord
If you’ve had enough being a landlord , then you’re probably asking yourself, “should I sell?” If that is the case, it’s time to sit down and think about the benefits of selling.
Selling your rental property can help you accomplish several things: eliminate tenant issues, avoid repairs and maintenance hassles, and provide a greater return on investment. Selling can even enable you to move your business to the next level.
This a a great option for you to consider if you’re tired of being a landlord. Start the sale by going through our online form and we’ll help you with the rest! We have helped a lot of landlords over the past decade and we can help you as well!
Just fill in the form below and we’ll get back to you asap!