The renters present in a house you plan to sell can be an advantage to you if you plan to sell to another investor. Be respectful of their privacy and know the laws regarding tenants’ rights.
Property Management – Hurst TX: You have a few properties that are rented out and find it necessary, or to your advantage, to sell one of them. Since there is a tenant living in the house and paying regular rent payments every month, how can you list the property for sale and manage it as a rental at the same time? It’s a common occurrence in the real estate investment world and there is a way to do both effectively.
The tenant’s rights in your state and county must be respected at all times no matter what you plan to do with the property. You do own the house and can do with it as you see fit, but be very careful about how you treat the tenant who is paying you money in exchange for a home and reasonable expectation of privacy and peace. In other words, know what rights the tenant has as renter and what rights you have as the owner in your area if you don’t already.
The tenant’s rights in your state and county must be respected at all times no matter what you plan to do with the property. You do own the house and can do with it as you see fit, but be very careful about how you treat the tenant who is paying you money in exchange for a home and reasonable expectation of privacy and peace. In other words, know what rights the tenant has as renter and what rights you have as the owner in your area if you don’t already. Stay within the letter of the law to avoid being called out by the tenant. You could be sued, which will negate any potential profit you could possibly gain by selling the house. Consider ethics in your decisions regarding your rent paying tenants and you will most likely part ways in a civil manner. That’s just good business practice.
Explain the situation to your tenants as soon as you decide to list the house. Don’t let them find out by reading it in the local real estate listings. Let them know that you intend to sell the house and that you will be respectful of their privacy at all times. If they are not happy about the situation, try offering them a reduced rental rate for the duration of the sale. You can also allow them to terminate the lease early if they wish to do so and move to another home. Some people are very sensitive about having their home shown to potential buyers while they still live there and would rather move than put up with the sale process.
- Explain the situation to your tenants as soon as you decide to list the house.
- Some people are very sensitive about having their home shown to potential buyers while they still live there and would rather move than put up with the sale process.
- Some investors love buying houses with current tenants.
A lease that has not yet ended should be honored if the tenant wishes to stay. If you are planning to sell the house as an investment it will actually be an advantage to you, as investors buy houses to rent out and an instant tenant represents instant return on their investment. Some investors love buying houses with current tenants.
Real estate Investor, Broker, and private money expert. Adventurer that lives life to the fullest. John is also the author of Attracting Private Money Lenders & 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment Business.
Attracting Private Money Lenders: And 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment