Do you own a rental property in Wichita? Make sure you know the surprising truth of being a landlord in Wichita because it’s not always what you think it’s going to be…
Owning a rental property can appear to be a great investment. After buying the property on sale, finding a tenant, all you need to do is profit from it passively while on occasion managing the property. How hard could it be? While some landlords have easy situations with good properties and near perfect tenants, many view this concept as a myth.
Rental property investments are not always passive. That’s because being a landlord is often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in Wichita: As a landlord, you have no personal life – any time you would normally have for yourself is gone. No more vacations, no more weekend getaways… all because you have duties as a landlord.
There’s the work required
A rental property is far more like an active investment than a passive one. You must spend time finding a property on sale. Properties on sale normally need a repair or two hundred. Then you need to go through the grueling task to find a tenant and fix up whatever problems they have with your property. This includes late night calls about overflowing toilets. Imagine having to deal with that while you’re in a different country. You either need to rely on luck or never take vacations.
There’s the time
Some landlords believe renting out property is a side gig that they can do while working a full-time job. However, rental real estate is just as time-consuming… it’s like having a second full-time job! You will have to chase down your tenants for payment, make repairs around the house, and everything in between as a landlord. You may not have time to work at your other job. Unfortunately, many landlords learn this after owning just ONE rental property. Landlords who own two or more have next to no personal nor professional life outside of their rentals.
There’s the cost
Rental properties aren’t inexpensive, even when on sale. You can get some rental income from the tenant but much of that will be used for maintenance, upgrades, and repairs if the tenants trash it when they leave. You need unnatural vigilance just to break even. Sometimes, you will even lose money.
There’s the stress
Many people cannot handle the stress of owning rental properties. You’ve got so many tasks to accomplish with the rental property, and you will worry about it constantly. You may even dread answering your phone because you are afraid the call will be from a tenant about a broken oven. That’s no way to live.
Being a landlord is something many people try without accounting for everything. If you want to quit your job as a landlord and sell your rental property, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants who are pesky permanent residents). Contact us and we will evaluate your property. We will then determine how much we can offer you.