At one time, I owned six separate rental properties in Colorado Springs. My plan was to continue to purchase properties and create a sizable monthly income. As I paid off the mortgages, the rents would go into my pocket. It seemed like the perfect retirement plan. Unfortunately, the renters became a huge problem. I invested quite a bit of money into modernizing and fixing up the properties. I bought new water heaters, appliances, windows, security systems and HVAC units. I installed smart thermostats, carbon monoxide detectors and smoke detectors. I added some flair with beautiful faucets, cupboards, vanities and light fixtures. Despite being extremely careful with vetting potential tenants, I ended up with nonstop problems. The renters continually called me with complaints. They complained about everything from air quality and noise to water pressure and paint colors. No one paid their rent on time. Several of the tenants smuggled dogs and cats into their apartments despite our no-pet policy. They also lied about the number of people living in the unit. They failed to take out their garbage, mow their lawn or handle even the simplest cleaning and upkeep. I went through multiple eviction processes. When one of my rental properties caught fire because a tenant fell asleep while smoking, I’d had enough. Although I considered contacting a real estate agent, I wasn’t willing to make a lot of repairs or deal with months of negotiations. Instead, I submitted an online contact form to a cash homebuyer. They answered with a cash offer within twenty-four hours. There were no contingencies. I simply accepted or declined. Once I agreed, the closing was reached very quickly.
