Just a small number of years ago, I decided to buy rental properties… I thought that I would make a nice profit.
I assumed that the rent would cover the mortgage… Once the properties were paid off, I expected to pocket a considerable amount of money.
I invested into a building with four units in Colorado Springtimes, then the building was in need of quite a bit of work. Appliances such as refrigerators, ovens plus microwaves needed to be upgraded. I bought new hot water tanks, had the HVAC system inspected plus painted indoors plus outdoors. I updated the plumbing plus light fixtures. The improvements set my back financially, getting the apartments rented was more strenuous than I anticipated. The renters were also challenging. They called me consistently. They reached out because the sink was jammed, a light bulb was burned out, the door hinges squeaked or there were ants on the kitchen counter. They also wanted luxuries such as a state-of-the-art security system, a barbecue grill plus dishwashers. When the rents started coming in late or not at all, the situation started to get ugly. I realized that the renters were not taking care of the property. They were causing significant harm. I started the eviction process. By the time I got the multiple renters out of the building, I had a sizable mess on my hands. The building was in bad disrepair. Attracting a purchaser would have been nearly impossible; Plus, the purchaser would struggle to qualify for a bank loan… My only viable option was to sell to a currency property buyer. This aarena allowed me to avoid a property inspection, appraisal plus expensive repairs. I wasn’t even required to haul away the garbage plus possessions my renters left behind. Instead of a great deal of time, toil plus expense, I simply filled out an online form plus signed some paperwork at the closing.
