About five years ago, I made the decision to buy rental properties; I believed that rentals were an opportunity to make fine money with very little work… When I added up the amount of rent I would take in, I expected to certainly pay the mortgages as well as turn a profit.
I purchased five odd properties in the Phoenix, Arizona, area, however along with the investment into purchasing these buildings, I dedicated a significant amount of money to fixing them up.
I replaced a/cs, light fixtures and appliances. I added more outlets, security systems and outdoor seating areas. I landscaped and painted the walls and ceilings, then the apartments were in very fine condition when I rented them. I soon realized that renters are harshly demanding. I consistently gained calls with complaints and requests, one renter wanted ceiling fans to help cold down the living space. Another renter wanted a dishwasher. They complained about the amount of dust in the air, noise from the street and the cost of the rent. They rarely paid their rent on-time. I soon realized that I was not making any money at all! However, I was dealing with a lot of stress and sacrificing a wonderful deal of time and effort to appease my renters. I decided to sell the properties. After only a couple of years, the renters had nearly destroyed the apartments. To attract a buyer and assure bank financing, I’d have needed to sink a wonderful deal of money into repairs and replaces. I chose to contact a currency home buyer. I worked with a company based in Phoenix that accepts properties in as-is condition. I provided some proper information and they gave me a currency offer that same afternoon.
