Do you own a rental property in Blanchard, OK? Make sure you know the surprising truth of being a landlord in Blanchard 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 Blanchard: At times it seems you may give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy being a landlord.
Work
Owning a rental will keep you busy. There’s the work required to find the property, then fix it up, then find and screen a good tenant, then 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? Alternatively, you can hire a property manager but they will require a piece of the profit every month.
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 multiple must hire a property manager or find a way to create their own property management systems.
Expense
Owning a rental property can be a profitable investment, but it also comes with a variety of expenses that can add up quickly. First and foremost, there are the mortgage payments, property taxes, and insurance premiums that come with owning any property. In addition to these fixed expenses, there are also variable expenses that can fluctuate from month to month, such as utilities, maintenance and repairs, and property management fees.
One of the biggest expenses for rental property owners is maintenance and repairs. Rental properties experience wear and tear from tenants, and it is the owner’s responsibility to ensure that the property is in good condition. This can include regular maintenance tasks like lawn care and HVAC servicing, as well as unexpected repairs like a broken water heater or leaky roof.
Another expense to consider is property management fees. If the owner does not want to manage the property themselves, they may hire a property management company to handle the day-to-day operations of the rental property. This can include finding tenants, collecting rent, and handling maintenance requests. Property management fees can range from 8% to 12% of the monthly rent, depending on the services provided.
Finally, there are also vacancy costs to consider. If a rental property sits empty for a period of time, the owner is responsible for paying the mortgage, property taxes, and other expenses without any rental income to offset those costs. This can be a significant burden, especially if the owner is relying on rental income to cover the expenses of the property.
Overall, owning a rental property can be a profitable investment, but it also requires careful financial planning and management. Owners should be prepared to cover the expenses of the property, including maintenance and repairs, property management fees, and potential vacancy costs.
Stress
You’ve got so much to juggle with 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.
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 all-cash offer on yours? Or, if you really enjoy that monthly passive income but would like to avoid the tenants, toilets, and stress then becoming the bank and carrying the financing might be a suitable alternative for you. We can discuss all this and more to help you achieve your goals. Call or contact us anytime.