Do you own a rental property in New Jersey? Make sure you know all the caveats of being a landlord here in NJ, because sometimes the truth is uglier than it sounds!
Being a landlord in NJ might seems like a great idea. You buy a house, you find a tenant and the you profit from the rental company. Easy peasy right?
The reality is that it’s much harder than people realize, and you may find (as many landlords do) the truth about being a landlord in New Jersey: no more personal ife, no more private time, no more weekends, no more vacations. All because you’re busy being a landlord.
There’s the work required
Owning a rental property will keep you very 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. If they call during the night because their toilet is clogged, or because they have no heater and it’s freezing outside, or their A/C is broken. Whatever the reason, they will reach out to you, their landlord!
It’s time consuming
Being a landlord is like having a full-time job. If you already have a 9 to 5 job then, it’s much more exhausting! 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
A common mistake that landlords make is to not be prepared for all the associated costs with it. Rental properties aren’t cheap. Sure you get some rental income from the tenant but you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs add up and the financial rewards of owning a rental property may not be there for you.
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?