Tired of Being a Landlord?

Tired of Being a Landlord? We understand the Problem.

Owning investment property can cause serious anxiety. There is constant home maintenance and possibly hiring unreliable property management companies. There is also dealing with occasional bad tenants and vacancies. Sometimes leasing out your rental home isn’t a sound or lucrative decision. So what do you do when you're tired of being a landlord?

There are several reasons a homeowner might be tired of being a landlord. One of the biggest reasons includes losing capital to maintain your property. Most landlords expect to pay for minor repairs, landscaping, and other consistent home maintenance. However, unexpected expenses can damper your perceived profit margin. Replacing faulty appliances or repairing a leaky roof can create a negative cash flow. This can deter many landlords.

Business Insider’s Antonia Farzan decided to opt out of becoming a landlord. One of her qualms originated from a lack of steady cash flow. The decision wasn’t easy. Farzan belongs to a family of landlords. Both her mother and grandmother managed several rental properties for additional income. Yet, once Farzan was old enough to rent out her own property, she left her family’s business to seek more secure opportunities.

"Owning a rental property doesn't mean that money will just magically appear in your bank account every month" Farzan notes. Occasional but major expenses are part of a rental property’s contingency plan. But the associated costs are often much higher than initially anticipated. Not comfortable with the possibility of losing money on your rental property? Ridding yourself of the responsibility might be your best option.

Property Management Companies

Many rental property owners seek the services of third parties to manage their estates. They do this for a myriad of reasons ... from saving time spent on answering tenants’ calls, to hiring contractors to fix basic issues. But hiring property management companies can be a more costly and unsatisfying solution.

Property management companies are an added expense, further subtracting from a landlord’s potential profit. Ron Leshnower, a legal publisher for NOLO, confirms this. When inquiring about management groups, "expect to hear quotes ranging between 5% and 10% of what you collect in rent revenue". Although the percentage seems low, 5 to 10 percent can be bank-breaking in a down rental market. A landlord can lose out on a huge portion of profit when utilizing the services of a property management company.

The expenses don’t always end with monthly management fees however. Property management groups are sometimes known to overcharge for simple repairs. A leaky faucet can turn into a several-hundred-dollar call to a plumber. A loose floorboard could cost the landlord thousands when the management company hires an outside contractor. Without a keen eye on the process, the wrong property management company could take advantage of your hands-off approach.

Dealing with tenants is one of a landlord’s most burdensome duties. When hiring property management groups, you trust them to deal with high-maintenance renters. Yet, sometimes choosing the wrong tenant could result in major damage to your property.

Sometimes accepting bad tenants cannot be avoided. To prevent monetary loss, property management companies could fill a vacancy with the first tenant that applies. They may even forego an extensive background check. This is a costly mistake. Bad tenants can default on lease agreements or steal appliances or furniture. They can even do irreparable damage to your property! The damage to your property can transform your newly updated home into an undesirable fixer-upper. You'll be tired of being a landlord in no time.

Large property management companies have competing priorities concerning handling your rental home. These management companies will be juggling multiple landlords and their properties. They may mishandle or neglect your property due to the sheer volume of complaints. Are they a 24-hours group? If not your tenants will be neglected during afterhours. Instead, they may end up calling you with emergencies. "Be prepared for calls in the middle of the night," warns Forbes’ Harlan Landes

Selling with a Real Estate Agent

Property management companies can be an expensive, unreliable option to maintaining your rental property. Selling your home might be your best option when you’re tired of being a landlord. Most sellers consider using a real estate agent when selling their property. But, many home buyers are not interested in buying a home with existing tenants.

Some realtors have trouble complying with tenant-landlord laws. Most states give the tenant the right of first refusal (ROFR). The ROFR is a contractual right. It allows the tenant to sue a landlord if not given the offer to buy before selling the rental property. If an agent ignores the ROFR, you could be in major legal trouble. You could end up spending thousands in legal fees before selling.

Agents also must be mindful of a current tenant’s right to refuse showings. Showing a home to potential buyers is key to selling residential property. If the tenant is unwilling to show or unable to keep the property in showroom condition, you may lose out on a sale.

Michele Lemer from Bankrate.com warns of this. "Many real estate agents are reluctant to show buyers a tenant-occupied home. They expect resistance to allowing visitors into the property. They assume the condition will be less than optimal."

It’s true. Some tenants can be uncooperative and downright hostile during the selling process. Others refuse to pay the last month’s rent before closing. Before hiring an agent to assist in selling a house with tenants, take your time. Decide whether they’re worth the headache and money it costs to sell a tenant-occupied property.

Selling to a House Buying Company

If selling your property is the best option when you’re tired of being a landlord, how do you sell your house most efficiently with tenants? In many circumstances, selling to a house buying company is the best option. It will often give you the simplest and least stressful solution to many of your landlording headaches. .

You needn’t stress over the legalities of how to evict tenants living in your current rental property. You’re able to sell to a house buying company without evicting tenants. Rid yourself of bad tenants and costly property management fees in a quick, easy sale without using an agent. House buying companies buy homes as-is, even those in poor condition due to disrespectful tenants.

You don’t have to worry about selling a house with a valid lease agreement when selling to a house buying company! House buying companies have the expertise to handle even the stickiest lease agreements. They allow you to close quicker and move on to better investment opportunities.

Selling your property to a house buying company also ensures your tenants will have a hassle-free transition from seller to buyer. This is especially great if you’re related to the existing tenants, which is oftena common occurrence for landlords.

House buying company allow you to sell your rental property without worrying about tenants. Neither do you have to worry about repairs, additional fees, or leasing agreements. If you’re tired of being a landlord, selling to a house buying company is a dream come true.

Sell Your Home As-Is ... For A Fair Price ... On the Date of Your Choice.

Another option is to sell your home to a cash house buying company. You won’t have to worry about any repairs. You save thousands on agent commission costs. You can also receive a no-obligation cash offer in just 24 hours.

ASale4You.com gives you a cash offer within one day and you can close whenever works best for you. You can have your home sold in a week!

If you need to sell your property fast and would like to get a no-obligation cash offer, call us now at 757-451-7040. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

Get a Cash Offer Within 24 Hours

Lucky for you, we buy houses in all cities within the Tidewater area.

Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don't have to accept it. No charge. No fees.

We'd love to talk with you today about your property and your situation. We're here to help even if you decide not to sell your house.

Give us a call at 757-451-7040 or fill out the form below to get started. We look forward to talking with you.

Forget being a landlord in Virginia Beach, Norfolk, Chesapeake, Suffolk. You can sell the house fast, as-is!