Do you own a rental property in Dallas / Fort Worth? Make sure you know the surprising truth of being a landlord in Dallas / Fort Worth because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be being a landlord?
Problem is, it’s often much more difficult than people realize, and you may find (as many landlords do) the surprising truth of being a landlord in Dallas / Fort Worth: You give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy as a landlord and you’re basically always on call.
There’s the work required
Owning a rental will certainly keep you busy. There’s the work required to find the property to buy, then to fix it up, then to find a tenant, then to answer the phone every time they call you with a problem. Even if they call late at night because the toilet is overflowing, it’s your responsibility to take their call and deal with it. So no matter if you’re in the middle of dinner with your family, at your child’s baseball game, out at the lake, or at church. The tenants will call, and they do, and it’s never just to say hi!
There’s the time
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 collect their payments to fixing things around the property, 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. So being a landlord takes time!
There’s the cost
Rental properties aren’t cheap. Sure you get some rental income from the tenant, but you also have to take care of the property, maintain it, fix things that break like appliances, make upgrades as needed, and repair it if the tenants trash it when they leave. It’s not uncommon at all for carpet or flooring to need to be replaced once a tenant moves out. In other words, the costs add up and the financial rewards of owning a rental property may just not be there for you.
There’s the stress
When you add up all of those things so far, it equals STRESS! You’ve already got so much to juggle with the rental property, and it may be weighing on you constantly. Perhaps you even fear opening the mail or answering the next call because you may discover bad news. That’s really no way to live. One thing we haven’t really discussed here is the tenant who isn’t paying, is months late in making payments, and they have no intentions of leaving your property as they are living rent free! If that’s not stress, we don’t know what is! If you’ve found as being a landlord in any of these scenarios, we definitely feel for you.
If you own a rental property and want to get rid of it, don’t despair, we can help! We buy properties (even frustrating rental properties that have damage or difficult tenants that you can’t get rid of). Can we make you an offer on yours?