Boulder Landlords Find Property Management Much Harder Than Expected
Are you thinking about investing in rental property in Boulder? If so, make sure you understand how much time, effort and money goes into being a Boulder landlord.
Buying rental property sounds like a good investment. You get it cheap, rent it out, and then enjoy the rental income. Of course, you’ll also have to manage the property, which shouldn’t be too hard, right?
Unfortunately, it often turns out to be much harder than you think. Many landlords in Boulder find out too late that they were not prepared for all the work and sacrifices it takes to manage their property:
- Weekend getaways are a thing of the past.
- No turning your phone off for private time.
- Family vacations are next to impossible.
- Your personal life is nonexistent.
Being a landlord requires a lot more than sitting back and watching the money roll in:
Rental Property is a Lot of Work
You will be very busy once you decide to invest in rental property. First, there’s a lot of work involved in finding the right property. Chances are that the house will need repairs, a new paint job and some landscaping before you can show it to prospective tenants. Once your ads start running, your phone will ring non-stop for appointments to show it.
Fast forward to when you finally have a tenant; don’t turn your phone off because if they have a clogged drain, they will call you even if it’s the middle of the night. You will be “on call” day and night, including weekends and holidays. If you can’t unclog the drain yourself, you’ll need to get a handyman or plumber out there immediately. Forget going on weekend getaways or family vacations.
Being a Landlord is Time-Consuming
Some people buy rental property thinking they can manage it while holding down a full-time job. Unfortunately, being a landlord is extremely time-consuming. You’ll not only spend a lot of time finding tenants, but once they move in, you’ll be expected to make repairs. Is your boss going to let you take off work to handle these emergencies? Owning one rental property is time-consuming enough, think how busy you’ll be if you own two or more!
Owning Property is Expensive
A good rental property won’t come cheap. Not only is there the initial investment, but you also have to factor in the cost of making the repairs and upgrades needed to attract tenants. Then, if your tenant trashes the place, how much will it cost to evict them and repair the damage? Let’s face it, owning rental property is not for everyone, especially those with limited financial resources.
Landlords are Under a Lot of Stress
Just thinking about all the responsibility involved in owning rental property is stressful enough, but actually being a landlord is overwhelming for many. There is so much to do that there’s no time to sit back and relax. Just going to the mailbox is stressful when you have to worry about the next envelope containing an unexpected tax or utility bill. Living under this level of stress is unacceptable for many.
If you are sick and tired of owning rental property and are ready to unload it. We can help. Boulder Home Buyers is in the business of buying local rental properties, no matter what condition they’re in. We even buy houses with deadbeat tenants that the landlord can’t get out. We’re happy to make you an offer on your rental property.