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I am tired of my rental property. What should I do?
Oftentimes when an investor or landlord gets into rental properties, they don’t anticipate some of the challenges they might face. And sometimes, especially if they’re not doing it right, they’re going to get burnt out. They’re going to get frustrated, and they’re going to wonder what their options are. Usually what we see happen is their first thing that they do is they just sell it. They say, “You know what? I’m done, and I’m not buying any more rentals. It was too much of a hassle.”
Well they’re doing it wrong. There’s options for landlords that get tired of their rentals. The first thing, and we’re going to go through some different options here that you have if you are in this situation. Be more passive. Leverage a property management company to manage it for you. And then step away. And if you feel like you need to still be involved, then there’s probably an expectation that is improperly set. They may be doing it one way, and you want it done a different way. There just needs to be a resetting of expectations. But then you can also be much more passive, even if you hire a property management company.
For example, with Keyrenter we have a passive investor program where we can actually pay all of the expenses, all of the bills, even mortgage payments if we have enough of a reserve, and do things for some of our clients. And just say, “You know what? I don’t even want to remember that I have this. I just want to wake up in 20 years and have this property paid off and have it be a cash cow for me.” We can structure it that way, so for some of those investors or landlords that are getting tired, they can be more passive.
Number two, let’s do a lease option. If it’s just a rental, and you’ve got a lot of maintenance, we can offset that or pass on the maintenance to the tenant. You can have a stronger and bigger return on your investment. Have it be something that you don’t have to deal with as much with a lease option. I have a video that talks about lease options in depth. You can go and watch on our resource page.
We can buy it. So that is one solution. We can buy it, or one of our investor clients can buy it from you. And there’s different ways that we can structure that.
Number four, you can seller finance it, which is keeping it as an investment, but you sell it to a buyer on contract. Again, I have some documentation and videos on that topic you can watch.
Number five, we can help sell it if needed. What we prefer to do is find out what you didn’t like about this and help you sell it. But trade it for a different property that may be a little bit easier for you or a different type of situation that you might be more comfortable with.
So these are some options that we always recommend to clients before they just liquidate and get out of the real estate game because we know that wealth is created through real estate. It’s the most accessible way to wealth for you and I and for most people. And so, if you have any questions or you’re interested in learning more, feel free to reach out to our team. We’re more than happy to help you with your situation, and see if we can find a good solution for you to meet your needs and accomplish your goals.