We all know that being a landlord can be tough. You’re constantly having to deal with repairs, late rent payments, and unruly tenants. But sometimes, it can all be too much. We talked to three different landlords who are all looking to sell their properties, and they had some interesting things to say about why they’re ready to call it quits. These were landlords that were ready to call it quits after holding on their properties for years. They called themselves, “tired landlords.” Everyone agrees owning real estate is a good investment and requires work. There comes a time when we are ready to retire. These tired landlords wanted to sell us their properties because they were ready to retire. If you’re thinking about becoming a landlord or are currently one yourself, this might give you some insight into what you’re getting yourself into. Let’s hear from our three disgruntled property owners, shall we?
Tenants are not paying their rent.
If you’re a rental property owner and you’re facing an issue with tenants who are not paying their rent, you’re not alone. It’s one of the most common rental property problems landlords face. However, that doesn’t make it any less stressful for rental property owners. Tenants that are late with rent or don’t pay at all leave the landlord with the burden of paying the mortgage on the home out of their own pocket. If the home does not have a mortgage there are still taxes to be paid. And the landlord will have insurance on the rental property that has to be paid. JMS Home Buyers understands this stress which is why we are professional rental property buyers who will buy your rental from you the moment your tenants stop paying their monthly rent.
The property has costly repairs.
The landlords that we spoke with all agreed that Investing in rental properties can be a lucrative endeavor. But even the most experienced landlords know that costly repairs often pop up. When tenants start to cause damage, it can end up costing much more in repair bills than rental income collected. Plus, rental properties are rarely a one-time purchase. As homes get older the repairs start to add up over time. All of the landlords mentioned inflation and how this has impacted the price of routine maintenance. They decided the time to sell was now because the cost of repairs was more than they had in cash reserves. Property taxes and insurance rates had increased along with the value of the home. The timing was right to sell.
Tired of dealing with tenants.
Tenants can be a hassle to deal with. No matter how often you try to stay ahead of repairs or offer incentives, some tenants just don’t seem to take care of the rental property as if it were their own. And when you’re tired and overwhelmed by managing a rental property, the thought of selling your rental property becomes more and more appealing. The landlords that we spoke with had all been cited by the City of Charlotte for code violations. Tall grass, cars parked in the front yard, and leaving trash cans by the curb were the top violations. After years of owning their rental, they were tired of having to enforce basic rules that tenants were not following.
JMS Home Buyers is a great option for tired landlords who are ready to retire from being a landlord. We specialize in problem properties. The homes with bad tenants, and houses that need repairs we will buy and pay cash for. If you are thinking of selling and would like to discuss your options, give us a call today. 704-707-6016