Do you own a rental property in Baltimore, Maryland? We share some tips about the surprising truth of being a landlord in Baltimore because it’s not as easy as you think…
Owning a rental property is a foundation to generational wealth. You get a qualified tenant in there, hire a property manager, and sit back and collect checks… how hard could it be?
The bottom line is the surprising truth of being a landlord in Baltimore: You give up your personal life – you have to manage property managers, it becomes active versus passive, and it becomes a 2nd job… all because you’re so busy as a landlord.
There’s the work required
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?
There’s the time
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.
There’s the cost
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.
There’s the stress
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 opening the mail because you may find bad news in the next envelope. That’s no way to live.
If you own a rental property and are tired of dealing with it, we can help. We buy rental properties, tenant-occupied or vacant that may be burning holes in your pocket. Would you be interested in receiving an offer?