The Pros and Cons of being a remote landlord
Possibly you have a house in Dayton OH and you are about to move for personal or professional reasons, and you are thinking about what to do with the property. The first thing which will definitely come to your mind is to either become a remote landlord or sell house fast Dayton OH. Whatever the case may be the decision has to be made quickly to avoid any hassle later. With this in mind, we have compiled a few pros and cons of being a remote landlord that can help you in making that final decision.
Pros
Rental income
The first and foremost advantage of being a remote landlord is that you get a regular income. This rental income will help you to cover any mortgage payment that you may have for that property. Apart from that, this rental income can also cover any maintenance costs which might arise while the tenants are in the property. However, if you don’t want to put it on rent then the other option to get a lump-sum amount is to sell house fast Dayton OH. This can be done via a real estate agent or you may also check for buy home for cash companies for a quick sale.
Delegate and enjoy the results
As a remote landlord, you can delegate property management to a real estate company that can handle all requirements in your absence. However, the key is to choose the right support system that can keep things hassle-free. As a result, you will not have to run around for small issues like finding a plumber, maintenance work, or even while renting out the property the marketing and other agreement formalities can be taken care of.
Property remains inhabited
If you are not able to sell house fast Dayton OH then the best option is to have the property inhabited in your absence. For instance, if you have an inherited property and you have found the right tenants who can take care of the house, this will actually reduce the maintenance issues. Otherwise, most of the property owners want to sell inherited house Dayton OH so as to avoid issues from disuse of property.
Cons
Urgent maintenance hassles
One of the disadvantages of being a remote landlord is that you might have to handle emergency calls from tenants whether for a broken air conditioner or tenant has got locked out. To deal with such situations you need to know the maintenance workers around that area. However, contacting them every now and then may become a hassle and you may think that the best option would have been if you would have sold the property. Nevertheless, hiring services of a quality property management firm can be a help but again it will be an additional cost to you.
Distance makes inspection difficult
Being a remote landlord, you cannot keep a check on your property as you never know if the tenant is taking care of the house or not. Moreover, it is difficult to identify bad tenants.
Time-consuming
Whenever you decide to visit your property those visits often drain your time. Hence, you need to evaluate beforehand how much time you intend to spend.
To summarize, being a remote landlord is not an ideal solution for everyone. However, if you feel that you cannot sell house quick Dayton OH then local cash buying companies can be the easiest solution since they can buy your house as is for cash.
We hope that you find the above points useful and will help you in taking an informed decision.