Do you own a rental property in Ocala? Make sure you know the surprising truth of being a landlord in Ocala because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?
Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in Ocala: 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. Or you hire out a property management firm which will take 10% of your gross rents off the top.
The work
if you look at work the same way Maynard G Krebs did in the Dobie Gillis show you are in for a big surprise. 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? And what if this property is more than an hour’s drive away? I have a friend who rehabbed all of his rentals before he rented them so he wouldn’t have to answer the phone for years to come.
The time
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. To make hiring a property manager make financial sense you generally need to be at eight or more rentals.
The cost
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. The largest cost you incur is when tenants leave. As long as they stay you aren’t painting or replacing carpet or renovating kitchens and baths. So you may look at keeping your rents just below market to extend the time your tenants are in place.
The stress
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. This can be especially true if the neighbor calls you and says the tenant is dealing drugs or has big loud parties every weekend.
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?