Do you own a rental property in Colorado Springs? Make sure you know the surprising truth of being a landlord in Colorado Springs 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?
Well, there’s the tenants who will most likely be paying their rent on time, but you never know…people stray from the original terms a lot these days. You could end up chasing tenants down for monthly rent checks if they don’t pay on time, and then if they fall behind during one month they are likely to continue it into the next month and follow a downward spiral pattern that ultimately leads to eviction.
Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in Colorado Springs: 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.
Tenants can be disrespectful and trash your place on top of not paying their rent on time, and they could let the HOA fees lapse or stop paying the utility payments. A lot of times we will see tenants causing disturbances or using drugs on a property without prior consent of the landlord, and this leads to a violent dispute between the two parties.
There’s the work required to rehab the home
Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it. That means: no more vacations, either, because what will happen if the toilet overflows while you’re in a different country?
Rehabbing a property is tough work and is required to be performed by either the homeowner or a licensed contractor. Our team is made up of professional rehabbers and we take the time to figure out exactly how to finish the project before we begin so we don’t waste any time and can streamline the entire process from start to back.
Investing in and rehabbing real estate is extremely difficult, so please take that into consideration before decided to jump head first into a massive rehab project which could take months of your time and thousands of dollars.
There’s the time required to be invested
Some landlords try to own a rental property while they have another job but many discover that it’s just as time-consuming… it’s like 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 simply 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.
If you simply don’t have the time to invest into a deal like this and you would much rather consider a quick exit with cash in your pocket then you may be in a good situation to sell your property through a local real estate investment company such as us here at HBR Colorado. We spend months on a single rehab project, anywhere from two to six months and sometimes even longer if there are complications and delays. And there usually are…because it’s extremely difficult.
There’s the cash on hand it will take to complete
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.
Again, we typically spend at least $30,000 to rehab a home in Colorado Springs that we have purchased for investment purposes, and even as high as $80,000 on a single property. If you aren’t willing to invest this much of your own personal cash into your property in order to get it listed and sold on the open market then you may want to at least contact us to get a free quote to see how much cash we can offer you for your home.
This way, you will at least be able to expand your options and figure out if something like this might be right for you.
There’s the emotional baggage involved
When you add up all of those things so far, it equals STRESS! You’ve got so much to juggle with the rental property, and you worry about it constantly, and perhaps you even fear to open the mail because you may find bad news in the next envelope. That’s no way to live.
Why not streamline the entire process and get rid of the headaches and hassles of managing your rental and sell it for a quick cash payout from a trusted cash home buyer?
If you own a rental property and want to get rid of it, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours?