When you’ve inherited a property or have otherwise come into an extra property, your first thought may be to use it as a rental property. After all, that’s an ongoing source of income, right? Unfortunately, operating a rental property offers more challenges than many people realize–and in many cases, you’ll find that it’s simply not worth the struggle. These five challenges of being a landlord will help convince you to save the hassle and sell the house, instead.
1. Tenants who call at all hours of the night over the simplest things.
You know when you decide to be a landlord that you’re going to get some maintenance calls. Some tenants, however, will call over the smallest things in the middle of the night: a faucet that’s dripping, a toilet that won’t stop running, or other little hassles.
2. Constantly finding new tenants.
Lucky landlords get one tenant who moves into a home and stays there for years. Just as often, however, you’ll find that you’re constantly watching one tenant move out and looking for a new one to move in. That means checking references, reading applications, and letting potential tenants in to view the property on a regular basis–and it all adds up to a lot of time spent at your rental property when you’d rather be doing other things.
3. Tenants who don’t take care of the property.
It’s a rental. What do they care? They let the yard get overgrown, let the kids color on the walls, and don’t bother to report minor issues so that you can fix them before they cause big problems. That means that when they move out, you’re going to have a big mess to deal with.
4. Tenants who won’t move out.
Worse than tenants who are constantly moving in and out are the tenants that you want to move out, but who simply refuse. They aren’t paying their rent on time, you’re pretty sure they’re trashing the property, and you’re over it–but getting them out of the house is going to require a legal battle.
5. Tenants who trash the place.
Some tenants find themselves very frustrated when the time comes to move–and they’ll take it out on your property. Holes in the walls, missing doors, destroyed carpet: there are plenty of ways to make a big mess out of a rental home in even a short period of time.
Being a landlord can be an ongoing headache. If you’ve found yourself with a bonus property and want to save yourself the effort, contact us. We’ll take your bonus property off your hands. We can give you a cash offer in as little as 24-hours and you can invest your cash in a more effective, and more manageable way.