Are you thinking it might be time to sell your rental property in Detroit? You are probably already aware how tough it is to be a landlord in the Metro Detroit area. There are so many headaches to deal with when it comes to owning rental properties! The truth is, being a landlord is not for everyone. It takes a certain personality type and someone with a high tolerance for risk. Even if you’ve had a good run at being a rental property owner, at some point it will be time to sell. If you are still on the fence or if you’re ready to sell your rental property, this article will be very beneficial for you. As you continue reading you’ll discover some of the tell tale signs that it’s time to cash out and get rid of your rental property.
Tenants Keep Tearing Up Your Property
When you rent your house out to people it’s expected that normal wear and tear will occur to your property. The problem is that many times the tenants will destroy your property over time. Every time you rent to a new tenant you keep spending more money on repairs. Unfortunately the security deposit doesn’t always cover these costs and it keeps eating into your profit. If this has been a reoccurring problem then it is a good idea to sell the house and try to come out ahead if possible.
Tenants Not Paying Rent
It’s great when you have a renter who pays on time every month but it’s a nightmare when they don’t! These freeloader types of tenants who constantly play games are the worst. It’s always a song a dance when the rent is due! If you are tired of losing money because of a nonpaying tenant it is time to dump the property and move on.
Dealing With Evictions
The eviction process in Detroit can drag out for several months and cost a lot of money. From the paperwork to the legal fees and the stress it just isn’t worth dealing with after a while. Some tenants in Detroit know how to play the system very well and sometimes it works out in their favor. The fact that the city of Detroit has become more tenant friendly and less landlord friendly is a whole other topic in itself.
Bad Property Managers
A handful of Detroit property management companies are a complete sham. Some landlords find this out the hard way after losing thousands of dollars or even more. Issues such as property management not answering emails or returning phone calls or flat out lying to you and keeping you in the dark. It is your property but if you are paying for management services every month you shouldn’t be dealing with these issues! If any of the above sounds familiar, it is time to sell your rental property!
Property Taxes And Blight Violations
Paying your property taxes in the United States Of America is unavoidable. The problem is when you don’t get your rent on time or have other expenses to deal with, taxes might go unpaid and become delinquent. At that point there are interest fees added to your balance and that can really add up depending on how far behind you are. These interest fees can really eat into your cash flow and become a financial burden for a landlord. Another common issue are those pesky blight violations or code compliance complaints from the city which some Detroit property owners believe to be a racket.
Solving The Problem
We’ve covered a range of problems in which Detroit landlords are dealing with in the rental property business. If you’ve decided it’s time to sell and move on, you are probably making the right decision. By selling your rental portfolio of properties in Detroit MI you can finally get some peace of mind.