Are you tired of being a landlord in Duluth? Is managing rental property more work than you thought it would be? It all seems easy at first. You bought a new home and kept your old home as a rental, or you inherited a home and decided to turn it into a cash flow machine. But, your expectations and the true reality of the landlord process didn’t really line up. Here’s a quick story about Paul, and his landlord situation.
Paul heard horror stories about landlord tenant situations, but he figured he could make it different. He was smart and studied being a landlord online, he filtered rent prospects with a good application and structured a strong lease. Paul got top dollar for his rental and was off to a wonderful start. But, then came the first major repair, then came the first late payment, and then the first life situation that made it difficult for Paul’s tenant to fulfill their lease. Paul started getting upset and then frustrated. He was stuck between trying to help a tenant and trying to make the property profitable. The situation got worse when Paul no longer wanted to talk to the tenant and began avoiding the property altogether.
If Paul’s story sounds like you, I want you to take a deep breath, relax and find a smart way out of this bad rental property scenario. Also, don’t be hard on yourself, issues happen and even professionals make mistakes. So, lets discuss some ways to help you fix this!
- Develop a policies and procedures manual. As simple as this sounds it can take so much of the stress off you and your conversations with tenants. Beg, borrow or steal one from a trusted landlord and put it into place immediately. The policies will help you deal with items as they arise so you aren’t caught off guard and the procedures will lay out what you need to do in each scenario. The manual can be such a powerful resource for you that it will make being a landlord less stressful. Also, following a policies and procedures manual will keep you compliant with strict housing laws.
- Hire professional property management. A good management company should make you more money than what you pay them in fees. If not, they can be as costly as a rough tenant situation. So, interview and evaluate property managers just like you do with tenants, don’t accept the first person willing to take the job and be sure to monitor the management company periodically.
- Sell to a local home buyer like us. Spire Property Solutions is a professional home buyer in Georgia and we can buy your tenant occupied property. We buy houses for Cash in the Duluth area and we can close quickly. You can sell your home fast, in as-is condition, get your money back and move on to less stressful investments.
Being a landlord can be tough, even if you do everything right. But, the financial benefits of owning rental property over time can be huge! I encourage you to use a policies and procedures manual or hire management and give the rental property one more chance. But, if you are tired and looking for a quick, easy exit from the frustration, let’s talk. To get started, fill out the form below or call us at 678-318-1801.