Best Tips For Selling Your Home During The Holidays
Selling your home during the holidays can seem daunting, a move most people would feel disinclined to make. However, standard
Josh Miller
December 6, 2022
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At SolidOffers, we offer a better choice for landlords who cannot or choose not to keep their rental properties anymore. We have seen every possible situation: whether it’s a rental home with foundation problems, fire or water damage, mold, in need of repairs or renovations, or with tenants not paying rent. Problem properties are costly, and selling the traditional way is often not a viable option. That’s why we introduce landlords to real estate investors who’ll pay cash for rental properties in any condition in any real estate market.
Becoming a landlord is one way to earn a passive income, but it has risks. If your stress is higher than your cash flow, it’s probably time to sell your investment property. Do any one of these situations sound like your own?
Dealing in real estate requires commitment and good financial planning. If you’re tired of collecting rent, dealing with tenants and upkeep, and paying another taxable income, it’s time to sell.
We help rental property owners who feel stuck or burdened by an unwanted rental home. Regular homebuyers want a residence and demand eviction, but our potential buyers do not and will even take on bad tenants.
Do you want to know How to Sell a Rental Property with Tenants?
Hi, I am Jessica with SolidOffers. I am here today to answer the most common questions from landlords like how to sell, how long it take to sell, and can I sell with no paying tenants.
Many landlords are coming to us asking, “Is it better to sell with or without a tenant?”
If you want to put your rental on the market, the answer is: without a tenant. But you can’t just tell them to leave.
First, are they on a lease? If yes, you probably have to honor the entire lease or sell to whom will continue to honor it.
If they are month-to-month, in most cases, you can give a notice to terminate their tenancy. Most states require a 30-day notice. Others, like Delaware and California, it’s up to 60 days, or even to 120 days if in the District of Columbia.
After they leave, you still need to get the property ready to show and sell, which means repairs, cleaning, maybe staging, and, of course, photos. All this takes about 15 days or longer.
And even if you immediately get offers, it will take 30 to 45 days in escrow. So if all goes well, expect to finally sell and get paid in 75 days to 180 days. But not all landlords can afford to wait this long.
The other option is to sell with a tenant.
Let’s be clear. Only investor buyers will make offers on a tenant-occupied property. So don’t lose 6% of the sale price by listing it. Sell it directly to an investor and close within a month or less.
At SolidOffers, we screen all investors to protect you from any scams or fraud. Your House Selling Specialist will find the ideal investor buyer for your rental and current situation.
Another common question we get is: “Can I sell if the tenant is not paying?”
The short answer is Yes. However, you do need to disclose this information upfront. But worry not. We have plenty of buyers who will purchase your property even if your tenants aren’t paying.
We have seen it all: non-paying tenants, squatters, damage, piles of trash, with financial or legal issues, you name it. We can help you sell your rental, just fill the form or call us. We’re here to help.
Selling a house with tenants does not have to be difficult. Most real estate investors will purchase without evictions, even if the tenants are not paying rent or causing damage. Or maybe you have a good standing tenant whose current lease is not up yet. You don’t have to let the lease expire to sell. Chances are the new owner will honor the lease period for a good tenant. Just be sure to notify tenants of a change of management and the transfer of lease agreements.
How you decide to sell your property has a massive impact on the outcome. Knowing your options helps you decide what is the best way to sell your property.
Seller financing is not limited to one property and can apply to a primary residence as well. Learn more about the Advantages and Disadvantages of Seller Financing and how it compares to a Lump-Sum Sale.
Depending on your income, it is likely that you’ll have to pay capital gains tax on the sale of your investment properties. Whether you’ll pay hefty capital gains taxes or minimal depends on certain factors. Capital gains taxes are based on how much the property sold for BUT the tax rate depends on how long you held the investment property. Short-term capital gains apply if you owned the property for less than a year, in which case you’ll pay the top tax bracket which can max out at 37%.
You can defer capital gains taxes or at least lessen the tax bill a few ways. It’ll require good financial sense, researching tax rules and the Internal Revenue tax code, and maybe seeking counsel from a trusted tax professional, but it’s better than taking a tax hit. Seller Financing can help you avoid capital gains taxes.
Selling inherited property is not that different from selling a personal residence, with the exception here being you inherited a rental property. You can decide to be the new owner and collect rent, giving you some cash flow, but you also become responsible for maintenance and upkeep, and multiple taxes, including property taxes and rental income.
Selling inherited rental property is the best way to free yourself from the hassle of being a landlord. The net worth is the value of your real estate assets minus what is owed and needed repairs. If it turns out the rental you inherit has a mortgage or liens, or is behind in rent payments, or has no rental income, or needs repairs, your best option is to sell fast rather than continue to lose more money.
Calculating the purchase price of a rental property takes various elements into account, including location, size, age, condition, amenities, market, and occupancy. The real estate market is a significant factor in the type of property, single-family or multi-family, and how desirable the area is.
If your investment property has a renter, that can be a plus if they are in good standing. However, selling a house with tenants who are not paying will have the opposite effect, but you can still sell to a real estate investor. You can also sell as is, with zero repairs and improvements, and avoid agent commissions, which saves you money.
No. You can sell your rental property with tenants in it. Depending on the situation, having long-term tenants in place may be a benefit for some buyers. If you have bad tenants, you can still sell. We have investors, who specialize in buying rentals in challenging situations. They will deal with these tenants post-sale, sparing you the stress and cost of eviction.
Yes. We will need to know more details about the current situation, but we have investors who buy rental houses even if the tenant has filed Chapter 7 or Chapter 13 and is under the Automatic Stay.
Investors buy houses As-Is, which include left behind furniture, clutter, and trash. You don’t worry about cleaning or any form of maintenance. Repairs and renovations are also unnecessary. The investor will take care of everything after closing.
It depends on the buyer. Some investors will take responsibility for all and get a discount. Or, you will pay all liens and debts at closing using the cash offer or down payment.
The tax amount you are expected to pay depends on your income bracket, depreciation deductions you claimed during your ownership, and the methods you plan to use to minimize tax payments.
Many landlords choose to use an installment sale, a form of seller financing, to reduce the amount of tax owned when selling the rental property. If you use this method, you may still pay tax, but the payments are lower and spread out over time. You can also offset these capital gains with losses.
Is your rental no longer profitable, needs work, has problematic tenants, is losing or gaining value? If you said yes to any, it’s time to sell your property.
Selling your home during the holidays can seem daunting, a move most people would feel disinclined to make. However, standard
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