What to do when the rental romance is over.
Owning property that you can rent out for extra cash flow can be a very attractive prospect. It seems perfectly straightforward. You have a house (or several) that you just need to fill with paying tenants, then, after expenses you rake in the cash, right?
If you have been in the rental business for any time you know that this is only true in a dream world. There are many moving parts to managing a rental property.
- Marketing the property
- Setting rents
- Screening Tenants
- Rent Collection
- Pest Control
- Property Insurance Claims
- Turnovers and rehabs
There are just too many to mention.
In the beginning, when motivation and energy are high, and you manage the properties with laser focus it might all seem worth it. You are in the real estate business and you are bringing in some extra income. After a few years, however, staying on top of your property might wear thin.
Even if you aren’t tired of managing, sometimes life gets in the way. If you get new responsibilities in other areas, you have to move, or the money you make in other investments outweighs any income you are getting from the time and effort you put into your properties, perhaps it’s time to sell the rental.
Selling a rental property is not like selling your home.
When you decide to sell your home there are some things you want to keep in mind. Firstly, there is often someone still living in the house. This makes it impractical to carry out any major renovations or repairs you might need to sell the house on the traditional market.
If the renter still has time on their lease or just signed a new one, it could be up to a year before you can sell the house for someone else to live in. You have decided to get out of the rental business and waiting another year to do so is less than ideal.
If you are looking to sell your house fast you need to find an investor.
Larger real estate investors are always looking for rental properties, but usually have systems and people in place to handle the very things you were tired of handling for yourself. They have full time contractors and maintenance crews on staff, as well as marketing collection personnel. They have made it a full time job and are more than willing to take on the headaches you are wanting to leave behind.
Investors can buy your house fast for cash
Not only do real estate investors have systems in place to manage your property and many others, they have financial systems in place to make the purchase of properties as smooth and fast as possible. Growing the number of houses they own, manage and sell is the main focus of the real estate investor. They have it down to a science.
Any reputable investor will be able to buy your property as-is (usually at a small discount to cover the repairs), Close within 14 days and hand you a cash sum at closing. They will often supply the closing attorney and cover the fees and title insurance.
Being a landlord might seem like easy money at first, but unless you are committed to the daily management and upkeep of your properties and don’t mind dealing with phone calls at all hours from your tenants year after year, there may come a time when you are ready to move on from the rental business. If or when this happens, you will do well to find a reputable property investor. It will make selling the property super fast and easy.