Being a landlord is not a job for the faint of heart. You put in a lot of hard work to maintain the property, make regular repairs, manage tenants, and all the other requirements that go with it. If you’re like most landlords, you originally went into the renting business so you could make some dependable extra income. Who wouldn’t want a regular rent payment every month, that extra $1200 or whatever the amount is could cover so many bills!
But what happens when property management gets out of balance? As your rental property becomes older, it may need more and more expensive repairs. Suddenly you may realize that you’re not making any money at all; in fact, you’re spending every dime and then some on trying to keep up with maintenance. Things like a new roof, plumbing issues, or foundation problems could mean that you can’t even have tenants. Now you’re stuck with an expensive money pit on your hands and no way to raise the funds to cover the cost of repairs.