Are you a Kansas City landlord who is tired of your property? Or perhaps you’re thinking of getting into owning rental property. This post and video explain why some people end up disliking being a landlord.
A lot of times people get into real estate investing either intentionally, or perhaps they inherit a property that is rented out. A common perception is that landlords just sit back and cash checks while doing very little, but the truth is that being a landlord can be a very difficult and stressful job. We recently purchased a property from a Kansas City landlord who discovered after 3 years that the tenants had been trashing their place. This happens more often than many people realize! Here are some things that make renting out property difficult.
It Takes a Lot of Work
There is a lot of work involved in being a rental property owner. First, you need to find the property, find funding and get the property fixed up to be ready for the tenant. The repairs alone can involve substantial time working with contractors, planning repairs, getting permits, and more. Next, you have to find a great tenant, do a background check, get leases, and turn over the property once they move out. While the place is rented, you’re also on call 24/7 legally to handle any issues with the property.
It Takes a Ton of Time
Doing all of that work takes time. Even if you use a 3rd party property management company, you have to spend a lot of time managing the company. And all of the hassles in getting them set up take time as well. If you manage things yourself, and especially if you have more than one property, all of the little things add up to a lot of work. Tenants don’t care about your social life. They want things fixed as soon as possible. So taking time off can be problematic.
It Can Cost a Lot of Money
When things are good, the money can be fantastic. But when things go bad, properties can become a huge money pit. If the property is sitting empty the landlord is still responsible for making the mortgage payment, paying taxes, paying utilities, and paying property managers. Next, the cost to fix up a damaged house can be astronomical. Many landlords charge a security deposit to protect against damages, but a tenant can wreck the property far beyond one month’s rent to fix things up. If the damages are severe, the landlord could sue. But this too costs time and money. Even if they win the lawsuit, it could take years to get that money back.
It Can Be Very Stressful
Dealing with contracts, managing people, searching for tenants, marketing properties, setting up systems, and keeping all of this straight causes a lot of stress for many landlords. And when things go south at a property, the stress levels ramp up to 11!
If you’re a tired landlord in Kansas City who just wants to sell the property, put cash back in your pocket, and move on to something else, we can help. We buy properties for cash, can close quickly, and can even deal with the existing tenants.