Do you own a rental property in Savannah? Make sure you know the surprising truth of being a landlord in Savannah because it’s not always what you think it’s going to be…
For most people, the idea of owning a rental property seems like a good one. You buy a cheap house, you find a tenant, and then you sit back and profit from the rental income while you manage the property from anywhere in the world… how hard could it really be?
The problem is, it can be much harder than people realize and like many other landlords, you may find the surprising truth of being a landlord in Savannah can be extremely difficult: You end up giving away your personal life to deal with the rental property– no more private time, no more vacations, no more weekend getaways… all because being a landlord now consumes all of your free time and spare money.
Then there’s the work required
Owning a rental property will end up keeping you very busy. There’s more work than what first meets the eye. You have the work required to find the property, then the work required to fix it up, then you have to work to find a tenant, then you have to answer calls from your tenants every time they call. Even if they call late at night because the toilet is overflowing, you will find yourself answering the phone call and having to deal with it. There goes all your free time. Let’s not forget, no more vacations either because toilets always seem to overflow at the worst time possible, like while you’re in a different country?
Then there’s the time required
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 to fixing things around the house, it’s one thing after another and you may simply not have time to work at your other job… and that’s with ONE rental property. Landlords who own two or more are even busier.
Then there’s the cost required
Rental properties aren’t cheap. Of course, when people think of owning a rental property they think of the extra income that you can get from passively having tenants in your property. However, many people fail to evaluate the numbers properly and end up paying more money each month that the rental income provides. As the landlord, you have to perform regular maintenance of the property, fix whatever breaks in the house, make upgrades, and worst of all, pay for repairs if the tenants trash 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.
Then there’s the stress that comes with it
At the end of the day, all those things add up to STRESS in your life. You’ve got so much to juggle when you own a rental property. Can you afford a new appliance if it breaks? Can you afford to have the A/C repaired if it goes out? Can you pay for new carpets when the tenant moves out? Can you pay the mortgage for 4 months while your rental property is vacant? These things can add up and you end up worrying about it constantly. That’s no way to live, and that is not the reason why you wanted to own a rental property in the first place.
If you own a rental property and want to get rid of it because it is causing too much stress in your life, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). We would love to make you an offer on yours and take some of the stress out of your life.