Real estate can be a great way to invest your hard-earned dollars, but it can always be a way to lose those same dollars. Owning rental properties and dealing with renters is a risky business. Sure, you might be one of the lucky ones who finds a great tenant who cares and actually takes pride in the home they are renting from you, but more times than not, you will get the opposite, or something in between.
Renters can trash your property, even if they don’t think they are doing it. By not keeping up the lawn, weeds can take over and in return cost you thousands of dollars to replant and start all over. That’s just one of the downfalls. Holes in walls. Improper cleaning and care for appliances and bathrooms. Carpets trashed because they just don’t think about who’s going to foot the bill to replace it. Dirt happens, right?
Another negative side is having an empty rental for a month, two months, three months or more. That adds up very quickly when you are making a mortgage on it and having zero income coming in. Most renters, 60% in fact, rent for less than a year. It’s a very rare find to find a renter who will rent your place for 3 to 5 years.
The upkeep is expensive. Homeowners generally know the cost of repairs and replacing things in a home, the renter most of the time does not and you will soon tire of those nagging emails, phone calls and texts letting you know something in the house is not working properly. Renters want things fixed NOW, as opposed to live in owners who know sometimes the budget doesn’t work that way.
Another downside is being tied down to your rental. Especially if it’s out of state. How many unplanned trips will you have to take to go care for your rental. Money spent on travel when it could be spent on better things in life. Being tied down to a rental property can wear you out.
Why not get rid of renters. Sell your house for cash, quick and lead a quieter more satisfying lifestyle!
Fill out our sell fast form today and get a cash offer within 24 hours of us viewing the property. We buy homes, lots and land! pdxrenovations.com