While many believe being a landlord is a great way to make some extra money, it isn’t as easy as it looks. There are many challenges that come our way.
Here are some challenges that you face as a landlord.
Maintenance, maintenance, and more maintenance. In order to keep tenants in your building, you have to maintain it to the highest standards. Apartments should be safe and presentable. If not, you will lose tenants and others will not want to move into a building.
Not only does this involve keeping the grounds in good condition, you will also need to make sure that your apartments are in good condition and free from mold and other harmful things.
Plenty of expenses. Though you may not be paying a mortgage on the building, there are still plenty of other expenses that will cut back on your bottom line. Most landlords pay for the electric and heating (though you should be compensated with rent). However, you also have taxes which can be quite expensive. Not only do you have to pay property taxes, you will have to pay taxes on the income that you make through your rental business. You have insurance to pay for and it is important to make sure that you have enough of it.
Then there are the unexpected expenses. Maintenance costs can be quite high, depending on the size of your building and the age of it. There are also going to be times when something goes wrong. You might have trouble with your electric, heat, or even plumbing and there are times when these bills can be awful.
Running an apartment building is not always as easy as it seems. The maintenance itself can take a lot of time and money, especially if it is an older building. There are also plenty of expenses, both regular and unexpected ones!
Contact us if you want your house sold instead of dealing with landlord drama.