Tired of being a landlord? Maybe you never even wanted to be one in the first place. Did you inherit a property or maybe you bought another house and rented your old one? People generally find out quickly that owning a rental house can be a real hassle. It's very important to be aware of the risks of owning a rental house. Here are the top five risks of being a landlord.
At first glance it may seem as if you are making money with your rental property but when you actually add all the costs and expenses over time you may be surprised that you are actually losing money!
You can buy all the insurance you can afford but that can't stop someone from sueing you. You can be sued by either your tenant or just someone walking on your property. Whether they are injured from an animal bite, burned, slip and fall or anything else. It will cost you money to defend yourself in court.
If your tenant causes destruction to your property it can cost thousands in repairs. Even if you spend the money in court to get a judgment, actually collecting the money for the damages is a whole other struggle.
If you have problems with your tenant and they stop paying rent it can sometimes take months to have them evicted. It's never an easy process and it's never done quickly. In the meantime you are losing months and months of income.
Has your tenant moved out and left the property in very bad condition. This is always a losing situation for the owner. Repairs are costly, security deposits normally only cover a very small percentage of the actual repair costs. If you withhold the deposit the tenant has a right to challenge you in court, courts are normally more sympathetic to the tenants not the landlord. Even if you are able to keep the deposit one has to worry about the tenant seeking revenge and vandalizing your property of even threatening you personally.
These are just some of the risks involved in owning a rental house. Many times rental homes become run down and are difficult to sell. Houses Wanted has been buying rental houses on Long Island for decades. A cash house sale will allow you to sell your rental house AS-IS and sell it quickly. Call Houses Wanted today and free yourself from the burden of a rental house.
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