Do you own a rental property in Phoenix? Make sure you know the surprising truth of being a landlord in Phoenix because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?
Being a landlord can be challenging. While it seems like a relatively passive option, the truth is you give up your personal life – no more private time, no more vacations, no more weekend getaways all because you’re so busy as a landlord.
There’s the work required
Owning a rental will keep you busy. First, there’s the work required to find the property, fix it up, find a tenant, and answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you must take their call and deal with it. That means: no more vacations because what will happen if the toilet overflows while you’re in a different country?
There’s the time
Some landlords try to own a rental property while they have another job, but many discover it’s just as time-consuming as having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another, and you may not have time to work at your other job, and that’s with ONE rental property. Landlords who own two or more are even busier.
There’s the cost
Rental properties aren’t cheap. Sure, you get some rental income from the tenant, but you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs add up, and the financial rewards of owning a rental property may not be there for you.
There’s the stress
Being a landlord is not for everyone, but there are alternative options like selling to an investor like The Trusted Home Buyer. We can help take over the lease and tenants and buy the property. If you want to keep your property, perhaps consider getting a management company to run the day-to-day for you.