What To Do If You Are tired Of Being A Landlord



Tired of your Rental Property causing problems?


Landlords have dealt with a lot over the course of the past two years. When the pandemic hit,

many people lost their jobs and were unable to pay their rent, leaving landlords “holding the

bag”. Effectively, real estate dreams became nightmares. And while the government sided with

renters on not paying rent, there was no relief for those with mortgages due to banks. If you

wanted the government’s help with the mortgage, there were hoops to jump through and red tape

to navigate.


With more people staying home and later working from home, more repairs became necessary

for landlords. At the same time, few contractors were working and the wait times for a contractor

were long.


Between renters not paying and contractors not working, many rent homes began to fall into

disrepair and/or were becoming vacant (which comes with its’ own financial problems) and

leaving landlords with no liquidity to handle property issues as they arose and little, if any, profit

to handle personal expenses.


Add to all this the cost for marketing a rental property, preparing the property for showings,

possible property management costs, legal contract work and bookkeeping, and many landlords

found themselves “in the red” and their rental homes exposed to deterioration and/or squatters.


Solutions


Start by visiting:


https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-

landlords/#:~:text=Money%20from%20federal%20rental%20assistance,when%20the%20money

%20is%20available.


On this site, there are links to federal resources for recovering lost rent (up to 18 months' worth of

rent), in addition to information on exploring forbearance to pause your mortgage payments.

As far as construction/maintenance work, more companies are back in operation though the wait

times remain long in some areas. When looking for contractors, make sure they are

licensed/bonded and check their references and online reviews. This will save you headaches

from insurance companies and tax issues later on. Keep records and receipts of every transaction.

There’s nothing to be done about people working from home and causing further wear-and-tear

on the home. This, in my opinion, is a permanent change made due to the pandemic and will

have to be an adjustment for landlords to deal with for the foreseeable future. Expect more repair

calls. Having those repairs done “in a reasonable time” per state laws could become a serious

issue and will have to be dealt with on a case-by-case basis in the legal system.


When dealing with squatters, you’ll need to speak with the police and an attorney. You may have to

go through the eviction process, a long, relatively expensive process, and then deal with any

needed repairs or improvements.


Another option


If you’re tired of dealing with the stresses of being a landlord or have been left in a financial rut

with your rental properties and can’t/won’t go through the channels listed above, we’d love to

help.

We work with tired landlords, take over repairs and renovations, squatter evictions, and legal

paperwork and red tape, contractors, and will gladly work toward buying your rental property –

even if you have a current lease in the process – and with no costs to the tired landlord (minus

remaining mortgage amount to the bank): no commissions, no permit fees, and (assuming clear

title) can generally close on a property in approximately 2-3 weeks.

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