We all tend to wear rose-colored glasses as we initially get into buying property to rent out to tenants. The idea of having a steady stream of money coming in without having to do much work is quite appealing. Of course, eventually, you realize that it is not all that it is cracked up to be: tenants may consistently pay rent late or change their Harley oil in the living room. If this has not happened to you yet, here are some reasons why you will want to sell your rental property immediately and get cash to replace your stress.
Renting from a Distance Is Exasperating
Many people get into the trap of renting out a home when they have to move for a job change or transfer. This is almost always a bad idea. When you have to move out of town, your best option is always to sell your home before you leave. Renting from afar presents a number of issues, including tenants abusing the property or simply not paying rent. It is harder to make sure the property is being taken care of and to evict delinquent renters if you are far away.
Tenants Are a Headache
There are no less than a million problems that tenants can cause you. Some of the more common issues are
- Neighborhood complaints
- Potential drug abuse and illegal activities
- Late payments
- Property damage
By selling the property, you can remove the stress of being a landlord. No more calls in the middle of the night because the toilet is clogged. Plus, you can even sell the home while the tenants are still in it.
Property Taxes Can Eat up Your Profits
Connecticut has some of the worst property tax rates in the country. And, with rent prices increasing at a snail’s pace, it is getting harder to carve out a profit through the rental business. If you factor in the cost for maintenance and repairs and a mortgage, rental property owners who can make their money back are a rare and lucky few.
Rental Property Comes with a lot of Risk
If you fall on hard times and you are still paying on a mortgage for your rental property, your back is really against the wall, and you may be looking at the possibility of bankruptcy. There is also the possibility that the HVAC system could go out or any number of potentially expensive issues.
We Are Elite House Buyers who Can Buy Your Rental Property in Seven Days
We do not charge exorbitant realtor fees. We are here for those who want to find a buyer for their rental property in a hurry. It does not matter what kind of condition the home is in or if it is vacant or not. If you are looking to sell your rental property, give us a call to find out how we can help you.