Here are a few options for selling your rental property(ies).
Rental properties are great for investors—until they’re not. Rentals can make money or lose it, but regardless, if you need to sell it, then you need to sell it. When you find yourself needing to list the property, there are a few ways to go about it:
1. Talk to your property management company. They might know of an investor who will buy your property. That way, they can just buy your property with cash or a loan and they’ll even have a tenant already in it. Through our property management company, we have several investors who will do this.
2. Ask the tenant if they’re interested in buying the property. Many times, residents are interested in buying the home, but they might not have the qualifications to do so. If you choose to go this route, give them a one- or two-month period to get themselves qualified. After that, they may be able to get a loan and purchase the property.
3. Speak with your Realtor of choice. If you don’t have one, we know of some outstanding Realtors we can recommend. When your lease is up, you can then make the home presentable so you can put it on the market.
Bear in mind that you can’t break your lease with your tenant. However, you could speak with them and offer them money to break the lease and then sell your home. I don’t recommend this option, but it is an option.
If you have any questions about selling rental properties, don’t hesitate to reach out to Peace of Mind Property Management. I’d love to hear from you.