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We’ll explore how to sell an investment property and what your options are. Then, you can determine which option is better for you?
Millions of Americans own rental properties and that number is increasing every day
Many people are seeing real estate investing as a great source of income that will protect them against economic downturns
Many became landlords out of necessity when the subprime mortgage industry collapsed in 2007
A great percentage of the economy took a credit punch and then people with less than perfect credit were not able to get traditional loans
Therefore, sellers were forced to be Landlords to get their property rented out since it was a problem selling it at the time
Also, during the economic downturn, Real estate values dropped drastically and people who wanted to sell their properties were stuck with homes worth significantly less than they owed on them
Not able to sell their homes, they begrudgingly became landlords and rented their homes out but regardless of how they became landlords, nearly all real estate investors will at some point be faced with having to sell their investment properties
Perhaps the return on investment (ROI) just doesn’t justify keeping the property and their equity in the property would be better invested elsewhere
Some may be retiring and need to liquidate their asset for another life event
Some may be tired of dealing with problematic tenants who don’t pay rent on time and are trashing the place and causing expensive repairs to their property. At this point, the property just needs to be sold
What’s the Best Way to Sell Your Investment Property?
The best course of action when selling your investment property will depend on your individual situation
If the house is in great shape, and you have great tenants who have taken care of your property, and you’ve kept up the routine maintenance and repairs, you are probably looking to sell your house for the highest possible price to maximize your return
If this is the case and you’re willing to hold out for the highest possible offer, then you might be drawn to this first option
1. Selling an Investment Property the Traditional Way
If the house has desirable upgrades, is in a desirable area, and needs little to no work to make it appeal to potential buyers, hiring a real estate agent to sell the house can be a great option
Hiring a Realtor does have its downside, though, and it does not guarantee the best possible outcome
If you choose an excellent Realtor who knows the market well; can price your home accordingly; can attract potential buyers, and negotiate shrewdly on your behalf, you’ll probably walk away feeling good about the process
Just keep in mind that not all real estate agents are proficient in all of these areas and even if they are, you can expect to pay 3 to 6% of the property’s final sales price in Realtor commissions
You will have to pay those commissions whether the Realtor did a great job in getting you the highest possible sales price for your property or not
In addition to commissions, you’ll also have to pay closing costs
Also, there are other factors to consider, such as time and convenience
Selling an investment property the traditional way can take more time than you might think—three months or even years is a pretty standard timeframe to sell a property the traditional way
Yes, some properties stay on the market for years and during that time, showings will have to be coordinated with any tenants currently living in the property
Tenants can be less than motivated to keep the property in tip-top showing condition throughout the process, which can be a turnoff to potential buyers and if your tenants owe back rent, you’ll need to go through the eviction process before you can even sell the property
Before choosing to sell an investment property the traditional way, you should also consider the second option
2. Selling Your Investment Property for Cash
While selling your investment property the traditional way might be the best move in some circumstances, many landlords find it more beneficial to sell their investment property for cash
Here are some factors to consider that might make selling your investment property for cash the best option
Time
Help Us Help You, Inc. can close very quickly—typically in just days rather than months
However, selling your investment property the traditional way takes time: from interviewing Realtors to having photos taken to countless showings, negotiations, and waiting on final financing approval from the Lender
The process can easily take months to complete
If you don’t have time to wait and you just want to cash out equity and move on, selling to Help Us Help You, Inc. is the way to go
Expenses
It costs nothing to get a FREE Cash Offer on your investment property from Help Us Help You, Inc.
And since Help Us Help You, Inc. buys properties in “as-is” condition as long as the property meets our buying criteria, you can save yourself a lot of money by avoiding expensive repairs and upgrades and we will even pay your closing costs at settlement
Convenience
Since the process of selling an investment property to Help Us Help You, Inc. is fast and straightforward, it’s a much more convenient option, especially if the property is occupied by tenants
It’s really unreasonable to expect even your best tenants to constantly disrupt their lives to keep the property looking immaculate for showings while you try and sell your property?
The main reason many turn to the traditional process to sell their investment property is to get the highest possible sales price but to achieve this goal, the property must be shown in its best possible light.
If it isn’t, you may be paying thousands in Realtor commissions, paying thousands more in repairs and upgrades, and sacrificing time and convenience chasing an offer that never materializes
Plus, if you have a bad tenant who’s behind on their rent, Help Us Help You, Inc. will still purchase your property if it meets our buying criteria
When it comes to selling your investment property, you have options
Which option is best will depend on your individual circumstances
If your property is in great shape and you have time to hold out for your price, selling the traditional way through a Realtor could make a lot of sense
If the property needs work, or you’re stuck with a problem tenant who is not paying rent or if you have expenses that you can’t afford and need to sell fast, selling to Help Us Help You, Inc. might be your best option