Do you own a rental property in the Raleigh-Durham area? Better make sure you know the surprising truths of being a landlord in NC, because it’s not always what you think it’s going to be…
Owning a rental property usually seems like a great idea. You can buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it really be?
The problem is, it’s often much harder than people realize and many landlords find the surprising truth of owning a rental property: You give up much of your personal life, private time, vacations, and weekend getaways… all because you’re busy being a landlord.
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 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: no more vacations, either, because what will happen if the toilet overflows while you’re in a different country?
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.
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 add up and the financial rewards of owning a rental property may not be there for you.
When you add up all of those things so far, it equals STRESS! You’ve got so much to juggle with the rental property, and you worry about it constantly, and perhaps you even fear opening the mail because you may find bad news in the next envelope. That’s no way to live.
With eviction moratoriums in place for most of 2020 and 2021, the Raleigh-Durham area has made it even more difficult too evict your tenants for non-payment. It stressful enough when a tenant stops paying, but local laws now make it even more difficult to recuperate lost income.
If you own a rental property and want to get rid of it, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours?