Reel Big Fish - Sell Out
Lots of investors are in the real estate market
(for obvious reasons). Â There's considerable
cash liquidity out there and people looking for a place to shelter their money
and/or leverage their money. Â So, if you want to
sell an investment property, there are several things to keep in mind.
The first thing to keep in mind, is
that the tenant is legally entitled to at least 24 hours notice before the
property is shown to a prospective buyer. You must let them know you're coming!
Can your new buyer require the
renter to move out? Â And, how much notice is required? If a tenant is on a
month-to-month rental agreement, and has occupied the home less than one year,
they are entitled to a minimum of 30 days notice. However, if they have lived
in the home for more than 12 months, you must provide 60 days notice of the
rental agreement termination. Tenants under a lease have the legal right to
stay until the end of the lease, but you may often buy them out of the
remaining time on the lease and negotiate an earlier move-out date.
If a new owner buys the property as
an investment and wishes to keep the same tenant(s) in place, they may simply
take over the administration of the agreement.
Now what about getting top dollar
for your investment? Â Of course, the first "line of defense" is
keeping your rents up to market. Â Also, investing in some small, cosmetic
improvements like a fresh coat of paint ("magic Fairy dust") or power
washing the driveway helps sell houses faster. However, many investment
property owners don't think about the ROI (return on investment) of these
upgrades and maintenance on their rental properties, and instead view cosmetic
maintenance as an unnecessary expenditure. Curb appeal and the visual impact of
a rental may be just as important in reducing vacancies, and attracting
qualified tenants who will care for the property, which will pay off in the
Call me if you'd like to brainstorm
what your money can buy!!