A few years ago, I got offered a great opportunity to transfer my job. The promotion was very exciting, it meant relocation to another state was made me feel adventurous. Everything seemed to come together at the right time to step my life onto the next level, all it meant was, at first, I needed to sell my house fast.
I simply didn’t have the time to list the house for sale on the market, and after much contemplation, I realized I didn’t need to sell my house fast at all. In a flash of genius, I figured if I held onto the house and had someone else make the mortgage payments for me, well, I would have a nice little investment for the future. Yes, I decided to take a leap of faith. I decided to become a landlord.
My transition was very quick. I went from “I need to sell my house fast” to “I’m a savvy real estate landlord” within a matter of days. It was all so exciting. My own little investment project was so consuming, especially when I ran the numbers. I sat, late at night, drooling over the mouthwatering zeros on my projected figures spreadsheet.
As the next month transpired, I realized how naive I was to think I could so easily become a landlord. I wanted to sell my house fast, but when I looked beyond the dollars, all I saw was hassles, headaches, moaning, and misery.
Here are the reasons why, in the end, I chose to sell my house fast instead.
Repairs and Renovations
Instead of choosing to sell my house fast, I chose to build an investment slowly. The first problem I encountered was the numerous costly repairs which my house needed before it was in a rentable state. I sat and added up the bill of the work that needed doing. It seemed that, even though I owned the house, this investment was going to need some serious financial capital.
A Numbers Game
When you take into account the costs of repairs and management company fees, the figures I first sketched out were wildly optimistic. Realistically, I was looking at between 4-6% returns once I’d paid all the expenses. My house was in a pretty flat market, meaning I couldn’t rely on the value of the place going up. The pressures and risks of being a landlord looked increasingly less rewarding when compared to the instant cash I’d get if I were to sell my house fast.
In the modern world of internet forums, being a landlord has become an increasingly impossible vocation, as more and more people are empowered with knowledge about the law and where they stand as a tenant. I read over a few forums, realized the horrors of not knowing the full legalities of tenancy. I have a citizens understanding of the law, I knew I was getting into something I was not prepared for, and so the desire to sell my house fast rose again…
A landlord-tenant relationship is a special and challenging pairing. Often it starts out well but inevitably the relationship breaks down. Whether it is the tenant who is late with their rent or landlords who don’t get around to fixing problems, there is always tension. I had a friend who was interested in renting my house, but I just knew that it would be the thing that destroyed our friendship. In the end, I decided to sell my house fast for cash.
If, like me, you are having second thoughts about jumping into the role of landlord, selling your house for cash can be the best solution to quickly resolving your real estate problem. JMS Home Buyers can buy your house in Charlotte . If you are looking to relocate, sell your house fast for cash. The process can be completed in as little as seven days.