About five years ago, I made the decision to buy rental properties… I believed that rentals were an chance to make fantastic money with truly little work, and when I added up the amount of rent I would take in, I expected to easily pay the mortgages and turn a profit.
- I bought five odd properties in the Phoenix, AZ, area, but along with the investment into purchasing these buildings, I dedicated a significant amount of money to fixing them up.
I replaced cooling systems, 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 truly fantastic condition when I rented them. I soon realized that tenants are harshly demanding. I always acquired calls with complaints and requests; One tenant wanted ceiling fans to help cold down the living space. Another tenant 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 fantastic deal of time and effort to appease my occupants. I decided to sell the properties. After only a couple of years, the occupants had nearly destroyed the apartments. To attract a customer and assure bank financing, I’d have needed to sink a fantastic deal of money into repairs and upgrades. I chose to contact a currency house buyer. I worked with a supplier based in Phoenix that accepts properties in as-is condition. I gave some respected information and they gave me a currency offer that same afternoon.
