Owning a rental property can be a great investment. Rental properties can bring in extra income to supplement retirement, bills, travel, or other needed things in life. Sometimes though rental properties can just be too much work for the landlord. Yearly and seasonal maintenance, costly repairs, and bad tenants can all be frustrating and time-consuming. Sometimes all of the requirements and upkeep of the rental property can just be too overwhelming and the landlord gets tired. Upkeep, tenants, licensing and other issues can make it difficult for the landlord to keep the property.
In some states, a rental license is required when renting a property. The license requires that an inspector come to your property and look around. The tenant and the landlord have to make the property accessible to the inspector or the license will not be approved. In some cases, there may be some repairs that need to be made before the license can be issued. In some instances, the repairs to get up to standards can be expensive. Rental property licenses, in most cases, last only 1-2 years.
If the landlord has a full-time job on top of the rental property, they may have to take time off to deal with emergencies. Being on call for plumbing, electrical or any other emergency is an important job of a landlord.
Another reason that a landlord can become tired of a rental is tenants. When tenants do not live up to the rental agreement and destroy property, repairs can become very expensive.
If the rental is older, it may need more upkeep. If the repairs are more extensive you may be putting more money into the rental than you get out. This can be frustrating when the landlord is trying to save money for retirement or travel later in life.
Talia is a 45-year-old nurse in Cheverly, MD. She rents out an older home that was left to her by a family member. When she first inherited the house, she did some much-needed repairs and painting. Over the last 20 years, there have been minor repairs and tenents that were usually good.
Before Talis could rent out the home again she needed to get her rental license renewed. This required an inspection with a county inspector. The inspector came and looked through the house and underneath for any repairs or damage. When he finished he, went to talk to Talia about what he had found.
In the basement, he noticed that there was a wet spot on the ceiling that had started to rot. The spot appeared to be right under where the refrigerator is sitting. He also noticed flickering lights in the basement that needed to be checked out. Outside the house, he discovered that the gutters were not draining properly. This meant that the water could possibly be draining back towards the house instead of away, damaging the property.
All of these repairs would need to be addressed before Talia’s rental license could be renewed and the house available to rent. Talia called in an electrician and a contractor to look at the house.
Since Talia worked days, she had to take time off work for the contractor to come to inspect the house. The contractor inspected the flooring under the refrigerator first. At first, everything looked fine until he pulled the refrigerator out. Even though the ice maker was not hooked up, the hose was leaking into the flooring. This had been causing the flooring to warp and rot over time. The moisture from the leaking was also messing with the wiring in the ceiling of the basement. This was causing the lights in the basement to flicker.
Next, the contractor checked the gutters. The gutters were not draining properly because they had not been cleaned and had started to tilt backward. The tilting had led to water damage and rot in the roofing.
After speaking with the contractor and the electrician, Talia decided to research what the needed repairs would cost.
The roof repairs, depending on what she decided to do would cost anywhere from $5,000 to $30,000. The subflooring in the kitchen would cost around $1200 and the older refrigerator would need to be replaced costing another $1000 or more. Talia was starting to get frustrated. The repair costs were mounting into the thousands and she had not calculated in the rewiring of the house yet. She was also going to lose the rental income on the house while the repairs were being done.
Talia decided to do more research online to see what solutions she could find that might help with her situation. While she was researching, Talia came across Akin Developers. She saw that Akin offers a no-cost, no-obligation offer for homes in almost any condition. Amelia decided to reach out to us and see if Akin could help her. After her initial phone conversation, we set up a meeting to take a look at her home. We met with Talia and after inspecting her home, we offered a fair price for the home in its current condition, which Talia accepted. Talia’s house closed in about 12 days. She was able to relax and focus on her job while saving the money from the sale for her retirement and savings.
Sometimes major damage can happen to your rental without you even knowing. That is why it’s always important to seasonally walk through your property and check for wet spots or cracking damage. If you notice flickering lights or constant blown fuses, have it investigated quickly to avoid expensive repairs. Sometimes the damage can’t be seen right away, like the refrigerator leak in Talia’s case.
Should you find yourself in Talia’s situation and need to sell your home quickly for cash-whether you are overwhelmed with water damage, electrical issues, or it’s in perfect condition-contact us here at Akin Developers and see what we can do for you too.