Do you own a rental property in Minneapolis St Paul? Make sure you know the surprising truth of being a landlord in Minneapolis St Paul Because it’s not always what you think it’s going to be…
Owning a rental property and being a landlord seems like a great idea. Many people read books, watch a show on HGTV, or talk to another real estate investor and think I want to do that. All you have to do is buy it cheap, you find a tenant, and then you profit from the rental income while you or someone else manages the property… how hard could it be?
The problem of being a landlord is that it’s often much harder than people realize. You may find (as many landlords do) the surprising truth of being a landlord in Minneapolis St Paul: 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. Here is an overview:
Truth of Being a Landlord in Minneapolis St Paul Minnesota
- Find a house that the rent pays all the expenses
- Find a tenant is capable of making rent payments every month
- Manage tenants to pay rent takes care of the place
- Do on going maintenance
- Do turnarounds fast when the tenant moves out to get a new one in
- Having a plan when tenants don’t pay rent
There’s the work required
Owning a rental property will keep you busy, I mean swamped. There’s the work required to find the property, not just any property. It needs to be an excellent quality structure that, with the rent that comes in, you can pay at least all your expenses. Often you are going to need to fix it up and get it ready to rent. Find a quality tenant who seems like they are going to pay on time and take care of the place. Then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, being a landlord, 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?
There’s the time
Some landlords try to own a rental property while they have another job. Still, many discover that it’s just as too time-consuming. It’s like having a second full-time job, and if you have multiple rentals, it intensifies! Between called day and night to deal with your tenant’s issues. Tenant issues can include fixing things around the house, even coping with relationship issues between roommates or even within families. It’s always 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 multiple houses they rent we are even busier.
There’s the cost
Rental properties aren’t cheap to own and to upkeep. Sure, you get some rental income from the tenant that hopefully pays your bills. Often there are other bills you also have to take care of the property. Tenants break things that you need to fix it up, make upgrades, and pay the county court if you have to evict someone. After they move out, there are the repairs, if the tenants trash it when they leave. The surprising truth is, the costs add up, and the financial rewards of owning a rental property may not be there for you being a landlord
There’s the stress of being a Lardlord
When you add up all of those things so far, it equals STRESS! That stress is with you all the time, when you go on vacation, guess what? Tenants have a backed-up toilet, and who do they call? You!!! You’ve got so much to juggle with owning a rental property in Minneapolis St Paul. You need to decide if you are cut out for this. Many landlords who own 1 to 10 rental houses worry about them always. We know lords who dread opening the mail because they may find bad news in the next envelope.
- The city of Minneapolis St Paul is charging you because you did not mow the grass
- You are charged with tenants putting garbage in the recycling can by the city
- City inspector makes you do repairs on the house, even if you don’t want to
You are being sued by a past tenant because they feel they should have gotten their deposit back, even though they trashed your place.
the list goes on!!!
That’s no way to live.
We have sat down landlords and discussed tips for selling their unwanted multi-family properties and single family home in Minneapolis St Paul, they did not realize how easy it can be. There are many ways to get out of the rat race and sell your house fast while saving money and time.
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 as-is or bad tenants you can’t get rid of). Can we make you an offer on yours?