Tired Landlord in Cincinnati
With some of the world’s richest people like Andrew Carnegie and Warren Buffet touting about what a great investment real estate is, it seems like a perfect place to put your money. The thought of buying a house and just collecting a rent check every month can be very appealing. And let’s not forget about the tax benefits and asset appreciation!
There are many upsides of owning a rental property. While it can be lucrative and create long-term wealth, it’s easy to overlook the potential downsides.
My tenants aren’t paying!
Good tenants that respect your property and pay on time every month are worth their weight in gold! But the ones who don’t can quickly turn your cash cow into a cash suck in a matter of just a few months. The eviction process can take months, all the while the tenants are living in your house for free while you’re paying the mortgage!
I’m losing money as a landlord!
Many times, what begins as a great investment can turn into a drain on resources and even start costing you money. With older houses, maintenance can be very costly and many times the rent doesn’t even cover the cost. A new roof, water heater or HVAC system will set you back thousands of dollars, quickly eliminating any extra money you’ve saved.
When this happens, all you think about is “How do I get rid of this rental property fast?” The problem is, if you don’t want the house, who else is going to want it? Thankfully, there are real estate investment companies who do specialize in the buying and remodel of rental properties, and will even buy them when they are occupied with non-paying tenants!
This takes up too much of my time!
In addition to the maintenance being a financial burden, being a landlord can be a burden on your time as well. Tenant issues can occur anytime. Every landlord has gotten that dreaded call in the middle of the night about a broken pipe that’s flooding the house or a water heater that won’t work in the middle of winter. If you’re a landlord, it is not a matter of if you get these calls, it’s a matter of when. Time is our most precious resource, and spending it fixing other people’s problems can wear anyone down.
What can I do with my rental?
If you are a tired landlord and don’t know where to turn, the good news is, you do have options. At Burnett Home Buyers, we buy houses from landlords in Ohio, Kentucky and Kansas who just want to sell and be done with the hassle. There are no closing costs, and we can pay cash and close in as little as seven days.