Do you own a rental property in Kenosha-Racine? If you’re a registered Wisconsin landlord, you need to know what is involved in managing rental units in the state. Many rental property owners are surprised to learn that there’s more to being a landlord in Kenosha-Racine than meets the eye.
Of course, owning rental units seems like a great idea. And it can be if you know what you’re doing. You know the story—you buy a cheap property, fix it up, find a tenant, and then sit back, earning passive income from your rental. Really, how hard can it be to be a landlord?
The harsh truth of being a successful landlord in Kenosha-Racine is that it takes time, effort, and a lot of hard work. You can say goodbye to any kind of personal life because you’re on call 24/7. Why? Because you need to keep your tenants happy and sort out their problems. In many cases, landlords decide that the effort of being a landlord doesn’t justify the gains.
Here at At Home Buyers, we have experience in helping landlords in Kenosha-Racine. We buy any type of property for cash. We even purchase rental properties with tenants still living in them. So if you’re looking to sell a rental property fast to get back some of your life, why not give us a call at 262-228-8505 or contact us through our website.
Let’s look at what’s involved with being a landlord. Of course, you probably already know many of these harsh truths.
Seven harsh truths of being a landlord in Kenosha-Racine
1. Being a landlord is hard work
Owning a rental property, even if it’s just one, will keep you busy—very busy. First, you need to find the right property to rent and then fix it up. Then comes the challenging part. You need to find a tenant who is going to pay rent on time, not trash the place, and abide by the terms of the lease.
Even if you’re fortunate enough to have a good tenant in your property, you need to be on call day and night. For example, if a pipe bursts in the middle of the night, they will call, you will need to sort it out. Not, what if you’re on vacation? What’s more, you can’t just leave the problem because you have the responsibility to provide habitable accommodation.
2. The harsh truth is that being a landlord takes time
In an ideal world, being a landlord would mean earning passive income. But the shocking reality is that there’s nothing passive about managing properties. It is just like having another full-time job. Sometimes you need to chase tenants to get them to pay rent, handle maintenance work, or fix up the place after a tenant moves out.
3. The cost of being a landlord
Landlords quickly realize that owning a rental property isn’t cheap. Of course, you get rental income from the tenant. But a sizeable portion of that has to go back into the property. For example, you’ve got property taxes to pay, regular maintenance, provide upgrades, and repair the property after a tenant moves out.
In the end, you may realize that the profits you expected from owning a rental are much less than you expected. Maybe it’s time to sell your rental property to get on with your life?
4. Rental laws favor tenants not landlords
One of the sad truths of being a landlord is that the law is usually on the side of the tenant. Of course, you can evict a tenant if they break the lease. But that is a lengthy and costly process, during which time you’re losing money—not to mention sleep.
For example, while a tenant is living in the property, you can’t enter the place without their permission. So, if they fail to pay rent, you’ll have to start an eviction process. And, in many states, carrying out an eviction yourself—even if the tenant has not paid rent—is illegal.
5. A landlord’s job is a stressful one
As you can imagine from the first four harsh truths of being a landlord, it’s stressful managing rental units. You have the day-to-day stress of maintaining the property. Then, you’ll get times when there’s even more to do. If you are relying on rental income to pay a mortgage, you’ll find that you are constantly worrying.
6. You have to deal with complicated situations
Every so often, situations will arise that require you to mediate a delicate situation. For example, one of the most common conflicts between tenants and landlords is unpaid rent.
Think about what happens if the tenant loses their job and can’t pay rent. They are already in a bad place. But if a month or two goes by, and they still don’t have a job, you face the unpleasant task of asking them to “pay or quit.” In other words, they have to pay rent or move out.
7. Real estate investments are hard to liquidate
Landlords face the challenging task of trying to sell an investment property quickly if it’s not bringing in returns.
For example, it can take months to sell a rental property through a real estate agent. Very often, you can’t fix up the property for sale while your tenant is living there. So, you have to evict them, make necessary repairs, market your property, and then wait until a suitable buyer comes along. That is an expensive and time-consuming process.
How to Sell a Rental Property with Tenants
If you have decided to sell your rental property because it’s not worth the hassle, what can you do? You can sell the property with tenants still living there. According to the laws in most states, tenants can see out the remainder of their lease. In some cases, you can evict the tenant on the basis that the property will no longer be a rental.
But there are several disadvantages to selling a property through a real estate agent when tenants are living there. Here are a few to consider:
- Buyers don’t like looking around properties where tenants are living.
- You have to show the home in an “as-is” condition.
- Properties with tenants living in them take longer to sell.
What can you do if you’re stuck with a rental property and want to sell it quickly? Read on to find out.
Sell Rental Properties Fast in Kenosha-Racine
If you are a landlord in Kenosha-Racine who needs a quick sale on a property that has tenants, you should get in touch with us. We buy rental properties in Wisconsin that are occupied or vacant. You can sell the rental unit to us without worrying about all the complications usually associated with selling a rental property. You don’t even have to fix it up before we buy it.
We can make a fair price offer on your rental property today. Depending on how quickly you need to sell the property, we can arrange for a quick sale or one that suits your timeline. In any case, we are here to help you if you need to sell a Kenosha-Racine property.