For many Americans, maintaining a rental property can be a great source of income. Whether you have a single tenant and use their monthly rent as a secondary income stream or you own a multi-tenant property and have made your living primarily as a landlord, you may have enjoyed the lucrative opportunities that ownership has afforded you.
However, that’s not always the case for everyone. Inheriting or purchasing a rental property can allow you to make passive income, but it can also present substantial and ongoing costs. If the housing market doesn’t perform as well as it once did or the property has fallen into a state of disrepair, it can be incredibly difficult to turn a profit. And if you don’t especially enjoy being a landlord or you’re struggling to keep up with other financial obligations, you might be faced with an undue burden.
Reasons To Sell Your Rental Rental Property
In many situations, it makes much more sense to sell your rental property. Although 75% of homes sold in 2019 were predicted to sell well below the asking price, current housing conditions suggest that it’s still a seller’s market. That said, getting your rental property prepared for a traditional sale can be exhausting and expensive.
Rather than selling your rental property with help from a real estate agent, you may want to consider working with house buyers instead. Home investors will extend a fair and fast offer for your property and facilitate a quick closure. You won’t even be required to make any repairs beforehand or stage the property in any way. Instead, you’ll be able to benefit from the opportunity to receive cash for homes that might otherwise stay vacant for months. When you’re in a stressful financial situation or you’re simply eager to move on with your life and be free of the responsibilities of property ownership, that’s really a risk you can’t afford to take.
But what are some of the reasons that rental property owners might turn to cash home buyers for a solution? If any of the following scenarios sound familiar, it might be time to contact us.
Why Sell Your Rental Property to Home Investors?
- You inherited or bought a rental property you no longer want
- The costs of maintenance outweigh what you can charge for rent
- Being a landlord takes too much time and effort
- You want to pursue other professional aspirations
- You want to focus on your family and not on financial hardship
- You’re having trouble finding or keeping tenants
- You plan to move out of the area permanently
- Rent prices have dropped (or are predicted to soon)
- You can’t afford to make upgrades yourself
Clearly, there are a number of good reasons to sell a rental property you no longer want or need. Specifically, selling your rental property to house buyers for cash can speed up the sales process, help you avoid the need for pre-sale upgrades, and allow you to move on with your life with a sense of financial freedom.
How Home Investors Can Help
Once you’ve determined that it’s time to sell your property and move onto the next chapter of your life, you might feel overwhelmed with the idea of fixing up the property, working with a real estate agent, and finding a willing buyer to either use the property as their home or continue renting it out to tenants. It’s understandable that you’d feel overwhelmed by all the work you’d theoretically need to do or feel anxious about how long this process could take. Given the current economic climate, there’s a lot left uncertain. You may simply not have the resources or the luxury of time on your side.
But investors will buy ugly houses, homes in need of repairs, and rental properties that current owners no longer want — without any of the issues that could come up with a traditional sale. You won’t have to worry about making improvements or about having a prospective sale fall through at the last minute.
Your house buyers will take on the responsibility of fixing up the property so that you don’t have to. Best of all, they’ll give you a fair offer for your property within 24 hours of providing them with some basic information. They’ll work with you to ensure property closing can work on your schedule, as well. This is an ideal situation for landlords who are fully ready to make a change and who have the incentive to do so as quickly as possible.
When you own and manage a rental property, it’s easy to feel like you’re stuck in your current situation. But that simply isn’t true. House buyers can provide you with the freedom you deserve. For more information on how we can help you or to get started on the process of selling your home, please contact us today.