Rental Property: Know When To Sell
If you own a rental property, you know it’s an investment. And as is the case with all investments, the key is to choose the right time to sell. So is this year a good time for selling a rental property? Given that we are in a post-election housing market, the odds are in your favor! As we move into the new year, 2021 may prove to be one of the best chances you’ll get to cash in on your investment.
Being a Landlord Gotchu Down?
We get it — being a landlord can be insanely tricky. And while some people absolutely love it, others find themselve swanting to cash out and simplify. From evicting bad tenants to paying for costly renovations, there are certainly a few reasons you might want to get out of the game while you can.
- Repairs can be costly and unexpected. Did you know that the average roof replacement is about $10,000?
- Owners have to buy property and liability insurance in case the house burns down and to protect you against a lawsuit.
- Tenants can be a real headache, calling all hours of the night and weekends.
- Property taxes keep going up.
- You have to keep records to account for the rental income and expenses. Tax time is complicated.
- Vacancies create their own set of problems: screening prospective tenants, showings, repairs, and drafting leases.
- Evictions are a drain on your time and resources.
Selling a Rental Property After the Pandemic
The housing market has done remarkably well through the pandemic. But Forbes predicts that, “after 2021 the lower-end market will again shrink,” leading to a hit for many real estate investors. With that in mind, now might be a good time to start thinking about unloading certain properties.
Selling a Rental Property May Be Easier Than You Think
Landlords often worry about the ramifications of tipping tenants off when they look to sell a rental unit or building. Well, here’s some good news: the tenant doesn’t have to know you’re thinking about selling at all! While not every home-buying enterprise is ready to deal with your renters, some will actually buy homes with tenants still living there.
Whether you bought the property as an investment, have active tenants on the lease, or even if you recently inherited a property… there are more options for selling a rental property than you might think.
The Upward Home Solution
We’re used to working with tenants to keep them in their homes after you sell. In fact, most tenants tell us they’re happy to have our management company involved for the following reasons:
- When Upward Home Solutions buys a property, we make repairs and upgrades, listening to the tenant and what makes them comfortable.
- We have a maintenance guy on-call 24 hours a day, 7 days a week.
- We have a convenient online portal for residents to submit maintenance requests and pay their rent from a bank account or credit card.
- Our management company has about 30 properties. This makes us small enough to care, but large enough to have staff that can handle questions and emergencies.
One of many comments from our happy tenants:
“The apartment was great! Never had any problem with the maintenance or getting problems solved… In the future I definitely would recommend someone wanting to rent from this company.-S.M.
Let Us Know If You’re Selling a Rental Property in Any of These Columbus / Central Ohio Neighborhoods
Canal Winchester, Grove City, Hilliard, Dublin, Upper Arlington, Worthington, Delaware, Lewis Center, Powell, Grandview, Bexley, Westerville, Sunbury, Galena, Polaris, Reynoldsburg, Minerva Park, Gahanna, Easton, Linden, Hilltop, Franklinton, Near East, Short North, Italian Village, Victorian Village, Clintonville, Pickerington, Pataskala, New Albany, Groveport, London, German Village, Northern Lights, and others!
Call Tim today. He will walk you through the next steps. Before you know it, you will have cash in hand. No more tenants calling in the middle of the night, no more unexpected repair bills.