People become a landlord in two ways. One, they decided to buy a property and rent it out. Or two, they were forced into by either needing to move quickly or inherited the house. There is no right or wrong way to become a landlord. But what happens when you become a burnout landlord?
Landlords make themselves personally liable to tenants that they become the servants to. They receives phone calls every other day on maintenance and repair issues while going about their full time jobs.
There are many reasons a landlord may become burnout.
- Tenants needed to be evicted
- Tenants trashed the house
- Tenants stopped paying
- Repairs on the property have become too much
- Taxes on the property are too high
- Yard maintenance is becoming a pain to keep up with
- Property won’t rent so it’s sitting vacant
It takes a lot to be a landlord and keep up with the property especially if you live in another state than where the rental is located. Even if you have a property manager, you may still be dealing with the burdens of paying the bills and dealing with constant calls.
There are ways to avoid being burnout as a landlord if you desire to be one.
Have a list of maintenance people
First you’ll need to compile a list of trades people and keep them on speed dial! You’ll need to find plumbers, electricians, lawn care, and roofers that work with landlords and their tenants. Finding the right people that can be available 24/7 is crucial to being a successful landlord. You’ll need to trust that they will fix the problem the first time and charge a fair amount if you can’t be there yourself to look at it.
Hire a property manager
One sure fire way to not lose your sanity as a landlord is to hire a property manager. A good property manager takes care of marketing your property and screening potential tenants, handling any maintenance issues, collecting rent and dispersing funds, taking tenant phone calls, and processing evictions if it comes up. Most property managers charge 10% of the monthly rent for their services. This is a small price to pay to not have to deal with issues that arise at all hours of the day.
Have all paperwork done correctly
This may seem like a no brainer, but make sure all of your leasing paperwork is up to legal standards in your state. It will be worth your while to have a real estate attorney to look over any documents you plan to have a tenant sign to make sure you are covered from different situations. Also make sure your insurance is up to date for renting the property out. You don’t want to find out after a fire that your insurance didn’t cover it if a tenant was living there (I’ve heard it happen before). Make sure you and your asset are protected.
If you decide after looking at all aspects of your situation that being a landlord just isn’t for you, good news is we have a solution! We will buy your property even if a tenant is still living there. That’s right! An easy out for a burnout landlord.
Give us a call today and see how we can help you!