Are you considering renting a property out? Does the idea of being a landlord and earning a steady income from a rental property seem like an attractive proposition? If so, check out our article below!
You might think that owning a rental property is a great idea. You buy it cheap, find a tenant, and then instant regular cash in your account every month. Easy right? Everyone’s doing it! How hard could it be?
Experienced Landlords Will Know The Truth!
Landlords in Miami will already know the truth behind renting out property in Florida and how important it is to gather as much information beforehand. Because being a landlord is not always as straightforward as it seems.
Many people struggle to understand that being a landlord in Miami is not all sunshine, rainbows, and easy cash. You have to give up your personal life – no more private time, vacations, and weekend getaways. You need to be available 24/7! Because if a pipe bursts under the kitchen sink at 6:00 AM on a Saturday, the first thing your tenant will do is call you.
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There’s a ton of work involved!
Owning a rental apartment or house will undoubtedly keep you busy. Before you even get started, you need to secure an appropriate property in fair condition. Everything must be in good working order and professionally cleaned before a tenant moves in. Then once you find a tenant, you’ll need to be available to answer the phone anytime they call. The work doesn’t stop at the weekend. If the oven breaks Friday night, you’ll have to spend all day Saturday sorting it out. That means no more vacations, no more weekend trips, no more 3-day fishing trips where you switch off your phone and disconnect from tech. You have to be readily available for any problem your tenants might have.
No more free time!
Some landlords think they can juggle being a landlord with another full-time job. But, they soon discover that owning a rental property is exceptionally time-consuming and almost on par with having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another. Plus, the majority of tenants will expect you to work around their schedule. If they’ve got kids to look after, or a full-time job, don’t expect them to be reachable by phone 24/7 or to take time off work to meet you at the house. By the time you’ve rearranged everything to meet their demands, you won’t have any energy or time left to go to your actual job. And that’s only ONE rental property! Imagine if you had two or three rental homes or apartments to manage.
Rental properties aren’t cheap. Sure, you might get regular rental income from tenants, but you also have to maintain the property, renovate it if needed, make yearly upgrades, and repair it if the tenants trash it when they leave. In other words, it can get expensive, FAST! A new oven, a leak in the bathroom, a fence broken by a storm… The costs can add up, and the financial rewards of owning a rental property may not outweigh the time and effort involved.
All of the above = STRESS!
There’s so much to oversee and maintain when you own a rental property. Not to mention the dread and worry that accompanies any call you receive from a tenant. When you finally sit down to relax in front of the TV after a long day at work, that’s when the kitchen floods in your rental property. Constant stress and anxiety is no way to live.
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