Can’t sell your Raleigh-Durham house and are thinking of renting it out instead? Or do you own a rental property in the Triangle and you just aren’t making much money?
Make sure you know the surprising truth of being a landlord in Durham or Raleigh because 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 make some profit from the rent being higher than the mortgage payment until the renters pay off the loan 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 Raleigh- Durham. You give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy as a landlord.
It’s like you are your renter’s personal assistant (and audience for monthly stories about why they can’t pay the rent).
There’s the work required
Owning a rental will keep you busy. There’s the work required to:
- Find the property
- Buy it at a low enough price for you to make money
- Then you may have to fix it up
- Then to find a tenant that will pay each month and not beat up your house
- 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.
That means no more vacations, either, because what will happen if the toilet overflows while you’re in a different country?
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 for rent, coordinating tenant and contractor schedules to fix things around the house or spending your whole Saturday or Sunday fixing the house yourself it’s one thing after another and if you have a needy tenant 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 are 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 (even if they aren’t paying their rent), and repair it if the tenants trash it when they leave.
Plus if you have a mortgage on the property, you have to keep paying the bank every month where the tenant is paying the rent or not.
In other words, the costs add up and the financial rewards of owning a rental property may not be there for you.
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 looking at your phone as it could be your tenant calling or texting you again about the next thing that is broken that requires you to take care of it immediately.
That’s no way to live.
If you own a rental property and want to get rid of the problems and stress of being a landlord, we can help.
We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Let us make you an offer on yours.