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Picture this: you're coming home from vacation. After throwing elbows at the airport, suffering through layovers, and paying $40 for a disappointing burger and fries, you're finally home. You unlock the door and step in, luggage in tow.
And you immediately know something is very wrong. A quick look at the thermostat shows that it's 92 degrees Fahrenheit when it should be 72 degrees Fahrenheit. Obviously, you can't sleep like this. You're spending your first night home in a hotel.
As a property management company reviewing hundreds of applications monthly for a handful of vacant properties, we get to see first hand the affordability and income issues that face today's renters. However, is that a rental problem or an income problem. Inflation is outpacing earnings growth and rental households have more than doubled in the last 15 years. Yet, earnings have stagnated at best. So, is this an issue?
We all have regrets in life. Some of us have real estate investment regrets. If you’re stuck with a rental property that’s weighing you down, you may find yourself wondering if you should just cut your losses and move on. Maybe you want to stick it out and hope for things to get better down the line. There are several options to weigh if you’ve found yourself at a crossroads with a property you own.
At the same time, understanding the big picture is just as important and learning that fluctuations in the way a property performs and the way a property fits into your portfolio are important too. A down year is not always a reason to let a property go. It takes careful and thoughtful evaluation before deciding to let got of a long-term investment property.
There are plenty of rewarding things about managing your own rental properties. Some landlords are thrilled by the prospect of finding the perfect tenants for their properties and building lasting relationships with them. They find the experience of managing and maintaining a property to be very rewarding — and it certainly can be!
