Do you own a rental property in Chicago? Make sure you know the surprising truth of being a landlord in Chicago because it’s not always what you think it’s going to be…
Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?
Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in Chicago: You give up your personal life – no more private time, no more vacations, no more weekend getaways… 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. The truth is when you are a landlord you have to be available 24/7 to your tenants to make sure any emergency repairs or situations are taken care of promptly. That means you’ll always need to be prepared to drop what you are doing and go over to the rental property. If you do plan to take vacation, you’ll have to make sure you find someone who can handle any emergency in your absence.
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. You have to make sure that you always keep a lot of cash on hand so you are prepared for the unexpected. For example, many tenants have been having a hard time paying rent after suffering job loss since the pandemic has disrupted the economy. If you have a tenant who is unable to pay rent then you as the landlord will have to cover the maintenance costs, insurance, property taxes, and mortgage (if denied forbearance) until the government will allow evictions. If you add in a unexpected major repair required then you’ll quickly see why you always need to keep a lot of cash on hand.
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 want to get rid of it, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours?