Being a landlord can be more time-consuming than some people may think. If you are good with DIY, you could be spending your extra time doing repairs or maintenance on your rental property. Of course, if the repairs are done with a tenant in residence, you need to set up a time with your tenant to do the repairs. If the repairs can be done without the tenant at home, 24 hours notice needs to be given in advance. The landlord would also need to detail any work, repairs, or alterations that would be done in the tenant’s absence. It can become very frustrating trying to get everyone’s schedule in sync for repairs or maintenance to be done.
Tenants can be the number one cause of stress for landlords. The overturn of tenants, late rent payments, and making sure the tenants keep the property clean and maintained can be time-consuming. There is also the worry if you own multiple units that all the tenants can live amicably together without any problems.
As a landlord, you are also on call 24/7 for any repairs that might arise. This could mean 3 am plumbing issues, broken water lines in the winter, and a host of other concerns that might come up. If you have a day or night job in addition to the rental, this can put a stop to any free time that you have if something needs to be fixed immediately.
While not all aspects of being a landlord are bad, you have to consider the time and energy it will take and everything involved. Rental guidelines, property taxes, insurance, maintenance, and upkeep can all add up and become very stressful for the landlord. A stressful situation with repairs is what finally made Eugene decide he was ready to let his rental go.
Eugene is a 55-year-old postal worker from Beltsville, MD. Eugene has an older home that he rents for extra income to help with his savings and retirement. Lately, the repairs on the rental are getting very time-consuming and expensive.
Eugene’s last tenants had moved out a few weeks ago and left a huge mess inside the house. The carpets were ruined and a few places in the walls had small holes. As he was assessing the damage he also noticed that several of the outlets either didn’t work or blew fuses when something was plugged in. None of these items had been reported to him by the tenants.
Eugene was only able to work on the rental in the afternoons or the weekends due to his postal job. He was worried that all the repairs were going to be extremely expensive and time-consuming. The loss of rental income and possible time off of work to get the repairs finished, made an already stressful situation worse for Eugene. He decided to get a contractor and electrician in to inspect the damages. This would give him a better idea of what he would need to do and how expensive it would be to complete.
The contractor came to look over the walls and floors. Several of the holes in the wall could not be just patched. It would require completely replacing the drywall in various places. As for the floors, the holes in the carpets were not the only issue. The padding under the carpets and a few places in the sub-flooring needed to be repaired.
The electrician’s inspection was next. The wiring in the house had never been updated. The older wiring is what was causing the fuses to trip. This can lead to an electrical fire. It is recommended that wiring in a house needs to be updated about every 30 years.
Eugene was looking at needing to replace all the electrical in the house and all the outlets to update and make it safe. The inspection had revealed more repairs that were needed than Eugene had originally thought. He decided to first see what the repairs would cost, before deciding what to do next.
After researching online and local repair options Eugene discovered he was looking at around $12,000 to rewire the whole house. Next came the flooring, it would cost around $2,400 to repair the subfloor. Repairs to the carpet and padding would cost approximately $300 per room. These were just estimates, it could end up costing a lot more before the repairs were finished.
Eugene’s repair costs and stress were starting to wear on him. There would be no rental income while the repairs were being done and he would have to take some time off work. As much as Eugene wanted to keep the house, it was becoming just too much for him.
He decided to research online and see if there were any options that he overlooked. While he was researching, Eugene came across Akin Developers. He saw that Akin offers a no-cost, no-obligation offer for homes in almost any condition. Eugene decided to reach out to us and see if Akin could help him. After his initial phone conversation, we set up a meeting to take a look at his home. We met with Eugene and after inspecting his home, we offered a fair price for the home in its current condition, which he accepted. Eugene’s house closed in about 14 days. He was able to take the money from the sale of his house and put it towards his retirement.
Sometimes being a landlord can just be overwhelming. All the maintenance and costs that come with rentals can add up over time. Older houses can have hidden repairs that need to be made that you might not be aware of until it’s too late. All of these situations can take a toll on your well-being.
Should you find yourself in Eugene’s situation and need to sell your home quickly for cash-whether with structural damage, electrical issues, distress, or in perfect condition-contact us here at Akin Developers and see what we can do for you too.