Do you own a rental property in Dallas and feel like you’re sick of being a landlord? Make sure you know the surprising truth of being a landlord in Dallas because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea at first. 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?
Problem is, it’s often much harder and time-consuming than people bargain for. If you’re a landlord long enough you’ll discover (as many landlords do) the unsexy side of being a landlord in Dallas: You give up your personal life – no more private time, no more vacations without a phone nearby and no more weekend getaways away from cell signal because you will always need to be available to your tenants as their landlord.
Here are three things to consider while being a landlord:
There’s the work required
Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then the time you need to dedicate to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it. That means you can never be away from your cell phone or cell signal for too long and you ALWAYS have to be at your tenant’s beck and call if/when they need you.
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 arrange times to fix things around the house or to collect rent, it’s one thing after another and may require more time than you have… and that’s with ONE rental property. Landlords who own more properties are even busier!
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, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs can add up quickly and the financial rewards of owning a rental property may not be there for you if you are not already experienced enough as a landlord to know how to properly rehab and manage them profitably.
There’s the stress
When you add up everything above, it equals STRESS and HEADACHES! You’ve got so much to juggle with managing your full-time job, rehabbing the rental property, leasing the rental property, then managing the rental property in hopes of turning some sort of profit at the end of the day. That’s no way to live!
If you own a rental property and are tired of being a landlord and just want to get rid of it, we can help. We buy properties, even frustrating rental properties that have damage (big or small) or bad tenants you can’t get rid of. Can we make you an offer on yours?