If you are a landlord and want to sell a rental property, you aren’t alone. Being a landlord is tough. The responsibility and headaches can put a lot of stress on you personally and financially. Think of everything you could do with less stress and more free time!
This post is going to cover what I believe the top three reasons are that a landlord would want to sell a rental property. While every situation is different, I believe these three reasons are all things that every landlord dreads.
When you are a landlord, damage to your property is one of the largest concerns you can have. I know that the thought of someone or something damaging property you own is enough to cause nightmares!
Anytime that you rent the property out to new tenants you have to have to hope that they will be responsible and take care of your property. There’s no guarantee that when they move out you won’t have to make thousands of dollars in repairs to get the house rentable again.
Weather is another big problem with rental properties. No matter what part of the country that you live in there is always the chance that weather can damage your rental property. You are solely responsible for the repairs that have to be made to the house.
Sell a rental property if it is vacant for too long. Properties that remain vacant for too long run the risk of being vandalized. While any property can be broken into, a vacant rental could be broken into and you may not find out about it for days.
Tenants are the most important investment that you can make in your property. During the “honeymoon” period every tenant is a good tenant. What happens when you start getting late payments or no payments at all?
If you accept a late payment from a tenant once, they will feel like they will be able to pay you late again if it is convenient for them. The later they are on their rent payments, the further behind you get on the mortgage payment for the house. Before you know it you could be in serious financial trouble. You may end up having to sell a rental property because you have to and not on your own terms.
It only takes one bad experience with a tenant to make you want to sell a rental property. If you don’t carefully screen your tenants you could end up getting burned. That being said, you could have a perfect tenant that gets hurt on the job and can’t afford to pay their rent on time or at all. It is just one of the risks you run when owning a rental property.
Complaints are another reason why a landlord would want to sell a rental property. The way your tenants treat your property and act reflects on you as a landlord. When complaints start coming in about your tenants or the condition of the property, you as a landlord are responsible for dealing with the issue.
Most of the time when complaints come in from neighbors they are trying to maintain the integrity of the neighborhood. You’ll have to either have a serious talk with your tenants about fixing the issues that your neighbors are having with them or break their lease and find some new tenants.
If the city that you own rental properties in or police start filing complaints against your house there are normally fines involved. These fines are always directed at the property owners, and you have to pay. This could lead to a not so good discussion with your tenants about having to pay the fines issued to you.
The three reasons above are things that all landlords have gone through at one time or another. Sometimes the stress and problems that come with being a landlord just aren’t worth it.
If you find yourself dealing with any of these issues, or just want to be done with the headaches of property ownership and management, consider selling your rentals and spending your time and money where you want to, not where you have to.
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