Do you own a rental property in the Central Valley? You may have already found out it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?
Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in the Central Valley.
There’s the work required
Owning a rental will usually keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it. If you are the one making repairs, you have to essentially be on call 24 hours a day, 7 days a week. Otherwise, you will need to have a handyman and other service providers readily available to help your tenants.
There’s the time
Some landlords try to own a rental property while they have another job but many discover that it’s just as time-consuming… it’s like having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another and you may simply not have time to work at your other job… and that’s with ONE rental property. Landlords who own two or more might be even busier.
There’s the cost
Rental properties aren’t cheap. Sure you get some rental income from the tenant but you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. You also have to pay property taxes and insurance as long as you own the home. If you decide to hire a property management company to handle some of the dirty work, there is another bit monthly expense. In other words, the costs add up and the ultimate financial rewards of owning a rental property may not be as great as you originally anticipated.
There’s the stress
When you add up all of those things so far, it equals STRESS! You’ve got so much to juggle with the rental property, and you worry about it constantly, and perhaps you even fear opening the mail because you may find bad news in the next envelope. That’s no way to live.
If you own a rental property and want to get rid of it, we can help. We buy properties (even frustrating rental properties that have significant damage or bad tenants you can’t get rid of). Can we make you an offer on yours?