Laurel's Blog
 
 

Are You Tired of Being a New York Landlord?

Dec - 19 - 2017

 
Help to sell a rental property

Owning rental property can be satisfying and profitable. but there are also times when being a landlord is just not worth it. It’s helpful and businesslike to regularly reevaluate your experience as a landlord, then you can decide whether it is still what you really want to do, or if it is time for a change. We are here for you and can help to sell a rental property for you.

Properties That Become a Burden

The longer you rent out a property, the ger the degree of wear and tear that occurs. Over time, the upkeep can erode all of your potential income. Or an unexpected problem like a broken furnace, the presence of toxic mold, or a leaky roof can wipe out the profits you’ve earned. Factor in routine maintenance, repairs, insurance, taxes, and the time you devote to the task of being a landlord. Even if the property was once profitable, increasing overhead may now be undermining your financial goals.

Difficult Tenants

No matter how carefully you screen tenants, it’s possible to end up with bad ones who create constant headaches. They may be irresponsible about taking care of your property. They may violate your rules regarding pets or subletting to others. You could even have tenants who engage in illegal activity, which can expose you to severe legal problems. or you may have tenants who do not make their payments on time.

Too Much Work Involved

All of these factors contribute to how much effort you have to put into being a landlord. Remember that your time is precious. You may have to deal with problems on weekends and holidays. Emergencies can happen late at night or while you are on vacation. Plus, whenever the property is empty, it costs you money but produces no income. Then you also need to consider the potential liabilities. If there’s a fire or your property is storm damaged, you could lose your investment. When an accident or injury takes place there, you could be sued.

You Always Have Options

These are just some of the issues that are important to monitor as a business-minded landlord. Despite doing your best, the property may no longer be a good fit for you. The good news is that you can always exercise your option to sell. You should also be aware that selling can be quick, simple, and hassle-free. Just find a reputable professional investor willing to pay cash for your rental property.

 

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