Need a Quick Sale with No Drama
A seller contacted us about selling her single family rental property. Her business partner had health issues and the tenant’s lease would be up less than 30 days. The sellers did not want a vacancy nor to feed the property any capital while it was vacant.
The tenants had notified the owner that they were going to be buying their first home and would not be renewing their lease.
The seller asked us to sell the property quickly and obtain for them the highest sales price. They stressed that they did not want to have the property sit on the market for months and months.
The property was a professionally managed 3 bedroom, 2 bath home that had recently been updated. It could have made a great starter home or a good investment opportunity.
This property was substantially under rented so I felt that it would make a great investment property. The current tenants were paying $1,025 but the property next door (with the same floor plan) was renting for $1,200 per month. The tenants had taken very good care of the property, and it would not be difficult to re-rent the property when they moved out.
I presented the property to an investor I knew who owned a number of duplexes in the area. He walked through and agreed with my analysis that it would make a good investment, and it was under rented. He wrote an all-cash offer that closed in four days.
The Seller was relieved by the smooth transaction, lack of drama, and the fact that her partner could now focus on her health and not worry about an upcoming vacancy.