Rental properties are great investments. But if you have problem tenants, they can easily become more trouble than they’re worth. You can conduct background checks, interviews, and more, but will almost always be problem tenants that sneak through the cracks and don’t pay their rent on time, cause damage, etc.
The good news is that there’s a way out: selling. Read on to learn more about selling your rental property and how that process works.
We purchase home and rental properties in any condition, with or without tenants. If you’re tired of being on-call 24/7 and dealing with problematic renters, we’ll take the trouble off your hands. Give us a call at (616) 379-3099 or fill out this form for your free cash offer.
It’s no secret that selling a rental property with tenants is more difficult than selling one without. But in most circumstances, getting all of your tenants out either isn’t possible or takes longer than you’re willing to wait. Here are three options you have to consider.
If your tenants pay rent on a month-to-month basis, you could give them notice and the appropriate amount of time needed to vacate. However, this is more difficult if your tenants have fixed-term leases because you’ll have to wait until their lease expires, which could be months.
Also, it’s best practice to give your tenants 3-6 months notice before they need to move out regardless of what their rental terms are. This gives them a sufficient amount of time to find new housing arrangements, pack their belongings, and vacate. So either way, this is an option that will push your selling timeline back.
Tenants with a fixed-term lease are entitled to continue living at your rental property for the full lease term. If the end date of their lease is later than your sale date, your buyer must take over that lease. However, if both you and your tenant agree to dissolve their lease, you can both decide on a flexible move out date.
This option isn’t very common, as most tenants aren’t thrilled about having to leave and find new housing arrangements prior to their lease expiration.
The best way to sell your rental property with tenants is to find a buyer that’s willing to take over your tenants’ current lease agreements. This way, your tenants won’t be required to vacate and you don’t have to wait for them.
However, it can be difficult to find a buyer who’s willing to take on that responsibility — especially when it’s on a contract that you established, not them. Your best best option is to sell to a real estate investor (like us!) who has the time, capital, and experience needed to handle the situation and help the sale go through with minimal disruption.
Perhaps you’re fond of your tenants, but you’re losing interest in the rental property management game. That’s common, too. There are plenty of other reasons why people choose to sell their rental properties, including:
Whatever your reason may be, Hometown Development is here to help. Check out our hassle-free selling process here.
Whether you’re tired of dealing with bad tenants or you’re just ready to move on to the next adventure, Hometown Development can take your rental property off your hands in way that’s quick, convenient, and lucrative for you. We’ll provide you with a free, no-obligation cash offer that’s aligned with current market rates. Contact us today to learn more.