You became a landlord with enthusiasm, and you thought it would be a good way to make some extra money. While you may not have become a real estate professional, having a rental property that makes money for you each month is still an accomplishment. However, it is also a substantial amount of work, as you probably know by now. You might be wondering if you should sell the property or try to make it work. In some cases, selling might actually be the best option for you. Here are some of the reasons that you might want to sell your rent house.
My Rent House Doesn’t Make Enough Money
In some cases, you might find that the rental property is simply not making enough money for you. You might have trouble covering the mortgage on the property. Raising the rent is not always an option though, because the rental prices for other comparable homes in the area do not support an increase. Your tenants, even if they like the place, would probably move somewhere else.
If you find that you are unable to make enough money to make holding the property worth it, then you might be better served by selling.
I Can’t Keep Up with My Tenant Needs
Your property can’t take care of itself. You have to be willing and able to maintain the property. This includes painting, taking care of leaks, broken windows, and the like. Whenever something goes wrong with the unit, you can be sure that the tenants will call you. In some instances, this might mean getting emergency calls in the middle of the night because there is a massive problem with the plumbing. You have to remember that owning a rental property is like owning a business. You need to be there for your tenants, and some people simply do not have the time.
In addition, there is always the chance of getting a bad tenant. If you have dealt with one terrible renter, then you know what a hassle it can be. This is enough to put many novice landlords off of real estate investing for a long time.
Marketing and Getting New Tenants Is a Hassle
Even when you take great care of your tenants and they love the property, there may come a time when they have to move for one reason or another. This means you will have an empty house or unit that you need to fill. Now, you have to put on your marketing hat and then start screening the prospective tenants. This takes up more time and energy, and if you aren’t careful, you could get a bad tenant, as discussed above.
In addition, marketing and showing rental properties simply doesn’t come naturally for many people who aren’t fully investing in the real estate business. This means a lot of trial and error and a lot of time with an empty unit that you have to pay for. It’s not a fun prospect.
Should I Sell My Rent House?
If you are having any of these issues, then selling the rent house could be the best choice for you. However, before you decide to sell, you could also look into working with a property management company. These companies can help to take all of the frustration out of owning a piece of property. They can deal with the tenants, marketing, background checks, rent, and more. Of course, they don’t offer their services for free. You need to see if you will still be making enough from the property to have it be worthwhile if you use a management company.
We Buy Rental Properties
These are some of the reasons that you might want to sell your rent house. If you decide to sell, give us a call or fill out our short form. We can make you an offer to buy your rental property for cash and close at a time that is convenient for you.