Do you own a rental property in Warren MI? Make sure you know the surprising truth of being a landlord in Warren, 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 profit from the rental income while you manage the property. Where’s the bad?
The problem is that it’s often much harder than people realize. You may find (as many landlords do) the surprising truth of being a landlord in Warren: You sacrifice your personal life – no more private time, no more vacations, no more weekend getaways, all because you’re so busy as a landlord.
There’s A Lot of Work Required
Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, 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?
This is where developing systems is hugely important. If you don’t have these systems in place, YOU are the system, and you have to take care of your tenants.
There’s A Lot of Time Involved
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 rent, to fixing things around the house, to dealing with the city (more on this later). It’s one thing after another and that’s with ONE rental property. Landlords who own two or more are even busier.
There’s Significant Costs Involved
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, and repair it if the tenants trashes it when they leave. In other words, the costs add up and the financial rewards of owning a rental property may not be there for you.
Even if you’re being responsible and saving rent every month for capital expenditures, the little things like new door hinges, spraying for weed and bugs, snow removal and more all quickly add up.
It Can Be Stressful
When you add up all of those things, it equals STRESS! You’ve got so much to juggle with the rental property. You worry about it constantly. You even fear opening the mail, because you may find bad news in the next envelope. That’s no way to live.
I’d also like to talk about dealing with your city. Many new landlords overlook this aspect of a project, but it can significantly change the outcome of your investment. Many cities require city inspections in order to rent out a property. If you buy a vacant property, those inspections can be even more daunting. Be very sure you understand whether or not your new rental is subject to an inspection and EXACTLY what needs to be fixed if so.
If you own a rental property and want to get rid of it, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours today!
Click here now and fill out the form or call our office at 586-307-4330 and we’ll make you a fair offer today.