What You Need To Know When Selling A Rental Property
Maybe you have a rental that needs repairs and you can no longer keep up with it. Or maybe you inherited the house and just want to sell it. Or maybe you are just flat tired of being a landlord. There are tons of reasons why people want to sell their rental properties, but there are some things to be aware of before you do.
Options When Selling Your Rental Property
It’s always important to understand all of your options when selling a rental property. What if you limited yourself to 2 options when there were 3 and the 3rd was the best for you? Don’t make it harder on yourself from the get go!
Selling Occupied With A Lease In Place | Selling a Vacant Rental | Wait For The Lease To Expire
Pay The Tenant To Vacate | Offer To Sell To Your Tenant
Understanding Your Options
Selling Occupied With A Lease In Place
This could be a viable option for many landlords that are ready to sell and don’t want to wait for the lease to expire. Typically, the buyer in this scenario will be someone like myself, DH Home Solutions. We are local investors and often times we buy houses in Dallas Fort Worth for long term investment purposes. So leaving the tenant in the house with the current lease is no problem!
Selling A Vacant Rental
This is probably the easiest option for most landlords. If the house is already vacated with no lease in place or tenant, you will have no problems showing it to potential buyers and selling it fast if you need to. My company loves vacant rentals and we continue to buy them all over the DFW Metroplex.
Wait For The Lease To Expire
This is a viable option for many as well, assuming you are not on a crunch for time. In this scenario you will continue to collect rent as long as the lease is in place. This also gives you time to develop a clear plan of action for when the lease expires. Always give your tenant plenty of notice of your plan, it’s just fair to them. No less than 30 days notice is reasonable.
Pay The Tenant To Vacate
If you need the tenant out of the house quick, this could be an option for you. Many times, negotiating with your tenant could work. Offering to cover moving costs, deposits on next residents, and just cash in general could entice them to get moving on faster, but you are also leaving yourself to maintaining it while it is vacant.
Offer To Sell It To Your Tenant
Sometimes selling a rental property to your tenant is a good option IF you have the right tenant. If you have a good standing tenant that pays on time every month and actually loves the house and takes care of it, and someone that is looking to buy in the near future…this could be a great option. If they can’t get traditional financing you can always work out a deal to owner finance the house to them until they can refinance with a mortgage. This has a lot of upside for everyone if you are in the position to do so.
Did Someone Say Taxes?!?
We won’t dig too much into taxes here but it is important to seek professional legal advice regarding taxes when selling your rent home. There are ways that you can make it work for you and there are ways it can work against you, so understanding your options here also is crucial to your next move after you sell.
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In Summary…
Selling a rental property can sometimes be a headache, but when it comes down to it the more prepared you are the better off you will be. When it comes to the actual sale of the house, it really is about working with the right people. Fortunately at DH Home Solutions, we buy houses in Dallas Fort Worth and can help you through this process quite easily. We have helped numerous landlords with selling a rental property, and would love to help you too. If you’d like to learn more about us feel free to check us out or simply get your cash offer started by filling out the quick form.
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If you are selling a rental property, you have come to the right place. There are numerous reasons people want to sell their rental properties. Things are constantly changing in people’s lives and for some people that means it might be time to let go of an unwanted rental home. Remember, if you are in the area and ready to sell now, we buy houses in Dallas Fort Worth and surrounding areas fast, for cash. Please feel free to check out our website and get to know us better. We would love to buy your rental property whenever the time is right for you.