Home Selling in Philadelphia>Question Details

Sheray, Home Seller in Philadelphia, PA

I have a rental property in West Oak Lane19138. It's been rented for the last 5 yrs, but I am wanting to sell it. AS IS. I live in another state.

Asked by Sheray, Philadelphia, PA Sat Jun 11, 2011

I simply can't keep up with the place. What's the best way to find motivated investors?

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Answers

23
List it with someone who has a plan to market it effectively to investors, and who is NOT waiving the high price at you. Sell it yourself if you like, but.... understand and be ready for low offers. investors are going to low-ball you anyway wiht wholesale pricing, and if selling yourself, will deduct (my) realtors' commission from their offer, and justify it to you that way. the thing to remember is most investors these days are more expereinced in this kind of negotiation, than are most sellers.

DO NOT enter into any contract without deposit monies in hand, which default to you, if the buyer does not settle as of the specified date. The deposit monies should be enough to keep the buyer from walking away or not closing, or stalling you indefinitely. cash investors can afford more than a $1000 pittance.

DO NOT enter into any contract that does not obligate the buyer to settle quickly and ON A SPECIFIED DATE.

DO NOT enter into any contract for cash, that is not accompanied by buyers PROOF OF FUNDS. or mortgage

No realtor (worth the name) representing you would allow any of these things (and plenty more) to happen.

if it is in good shape.... then you are blessed. if the tennant is good, and keeps the place up, then doubly so. if the tennant is a mess, then mabye you end that lease, clean it and sell it empty. best is with a good coorating tennant, worst is with a hostile tennant living like a pig. closer to best is neat clean and empty. leases ought to be in wriiting, and at market value, otherwise.... not so attractive for the new owner,. of coursethe tennant paying 25% under market whose rent has not gone up in 5 years wants to stay !

now my advertisement for myself. i've successfully completed this kind of transaction quite a bit, and know the area. if you would like a more formal opinion, call, email, text

John Leonard
Long & Foster Reat Estate
610-742-9389
John.Leonard@lnf.com
1 vote Thank Flag Link Thu Jun 16, 2011
I'd recommend contacting Len DeFinis of Advance Realty. You'll get full service, experience, and the best commission rate to save you money. http://www.lendefinis.com/

Good Luck!
0 votes Thank Flag Link Wed Jun 29, 2011
Motivate the Renter first, they like the place, they live there and now you can offer them a first crack at it! See if they are able to get financing and work with them, you could be walking away with a buyer within a few weeks!
0 votes Thank Flag Link Tue Jun 28, 2011
Money and the return on investment is the greatest motivator for investors. Can an investor reach 15% ROI? If so this is a win win..

Here is a blog about 50% ROI year over year...
http://blog.house-guy.com/2011/03/how-to-get-50-return-on-in…
0 votes Thank Flag Link Tue Jun 28, 2011
Hello,

Hire a savvy real estate professional who has the experience in your local market with listing and selling property.
0 votes Thank Flag Link Tue Jun 28, 2011
Locate the local agents within the area. They will have a portfoilo of clients that might be interested in buying . I would also contact the local title company to get a list of sales within the area of your home.
0 votes Thank Flag Link Sun Jun 19, 2011
i'd recommend you get three agents and maybe an appriaser to give you an estimate of value...be sure to use an agent with experience in selling multi-family property....best wishes...bruce lang, coldwell banker pref, 2155462700...my cell 267 312 6221
0 votes Thank Flag Link Sat Jun 18, 2011
Hi Sheray,

I know I am late to the party but have you decided on whether you wanted to use the services of an agent or try to sell on your own. Either way I would love to help if I can. Please feel free to contact me anytime directly. Look forward to hearing from you!!
0 votes Thank Flag Link Thu Jun 16, 2011
Sheray,

All this information is great for you and should help you move forward. On a personal note, I know how tough it is being a landlord, even when you live close by to your properties. So I can understand your situation. I am helping a few other clients sell homes in a similiar situations. I offer the following advice...

1) rentals do not show as well as owner occupied homes, try to work out a deal to get the house looking its best and some agreements with the current renter before you list the property.
2) do not waste to much time trying to market to the current renter, typically they would come to you and be proactive if they are serious.
3) Investors are all about pricing. Do you want to sell it for the most money or sell it quickly, thats the first question for you to decide, but do so after you review the areas most recently sold properties and the pricing suggestion from an agent or two.

My contact information is below and I work out of the Chestnut Hill Prudential office which is not to far from West Oak Lane. Perhaps email me the property address and I can follow up with some additional information.

Thank you,
Scott Maritzer
The S i v e l G R O U P
Prudential Fox & Roach Realtors
Cell: 267-240-1911
Email: Scott.Maritzer@prufoxroach.com
0 votes Thank Flag Link Sun Jun 12, 2011
I am very familar with the West Oak Lane area. There are a few options for you. 1) Hire a property manager. That will allow you to continue receiving monthly income but without the hassle of dealing with the tenant. 2) List the property for sale with a good agent that will market the porperty to investors (I can help you with selling the property and locating many investors) or 3) Evict the tenant, have property cleaned out and sell. Some investors don't purchase with tenants because of the headache of getting them out. I can assist you in whichever option you choose. My email is saben4@juno.com. I look forward in hearing from you. Take Care. Tiffany Tull
0 votes Thank Flag Link Sat Jun 11, 2011
Tell them it is a great price with an income already in place and as is should be less of a problem!
0 votes Thank Flag Link Sat Jun 11, 2011
Update:I didn't mention,it's a Single Family Home.
0 votes Thank Flag Link Sat Jun 11, 2011
Hi Sheray - I buy rentals in that area - please call me! I also have a list of 100 investors on my client list - so if I don't buy it - I have others who most likely be interested.
Kathy Gilmore
610-212-4330
kgrei03@yahoo.com
0 votes Thank Flag Link Sat Jun 11, 2011
Hello, Sheray,

I have read a lot of answers from different folks, but no one has figured out whether or not you have a multi-family property or a single family property. There is a big difference in obtaining the buyer depending on what it is you have to sell.

The other important factor is what type of lease(s) currently exist. Is your tenant(s) on month-month or is there a long time remaining on the lease. Why does it have to be an investor??? If it is a 1, 2 or even 3 family dwelling, it may be great for an owner occupant who wants to live in one unit and rent out the others. Then you can get a buyer who will can put very little money down, get an FHA 203k loan for repairs and everything could happen very quickly.

It's all about getting the right information from you, and the correct marketing strategy for the property that you have to sell. Also, when you are interviewing real estate professionals, be sure to get someone who is willing to be responsible to check up on the property on a regular basis and make sure it is in good condition to be shown. Otherwise, you will waste a lot of time. Tenants are not always reliable in keeping things in good order. You need to have someone who is very proactive on your side.

All the best,
Carol Cei
ReMax Action Realty
5 Star Professional 2011
ReMax Top 25 PA&DE
215-358-1223
carol@carolcei.com
Web Reference: http://www.carolcei.com
0 votes Thank Flag Link Sat Jun 11, 2011
Hello Sheray,

Don't get caught up with everyone telling you that "they" have a lot of investors. Remember, those investors are clients of that Realtor and it's that Realtor's fiduciary duty to get the best deal for their own client and not you! Even though you say you can't keep up with the place, you still deserve to get market value. You also deserve and have the legal right to your own representation so that your Realtor will only look out for your own best interests.

My advice to you is to hire your own Realtor. Never get involved in a dual agent type situation.

I'd love to talk to you further about your situation and explain seller, buyer and dual agency to you if you are not familiar.

Feel free to read my popular blog at http://www.reneeporsia.com I think you will find it extremely helpful.

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
Proudly servicing all of Philadelphia, Bucks, Montgomery Counties and New Jersey for over 11 years now
0 votes Thank Flag Link Sat Jun 11, 2011
Hello Sheray,
The best way to find investors to buy your property is to price it well. Everyone likes a good bargain. I'll be happy to help you figure out how much is your property worth and what would be the optimal price that buyers will like and you can accept, so we can sell it quickly. I work with investors(most of them pay cash) looking in West Oak Lane. I just settled one last week. I've been selling real estate for 18 years, so you can count on my experience. Please, feel free to call me or email me with the property address and I can give you an idea of the property value, or for any other questions you may have.
Sincerely,
Monika Nosowski
Associate Broker
Re/Max Millennium
0 votes Thank Flag Link Sat Jun 11, 2011
Sheray,

A good place is posting on some free ad sites like Craigslist to find investors. I will caution though you will get about 85% of people that will waste your time.
Would you like to get a free home valuation to see if the numbers will be ok?
0 votes Thank Flag Link Sat Jun 11, 2011
Answers: Tenant is on month to month and is relocating in Aug. So no they aren't going to buy.

I still owe on the mortgage. There seems to be a good amount of equity that I can price it attractively and it be WIN/WIN for both parties.

My credit is good, I'm weary about anything that will negatively affect that, ie short-sales/foreclosures, etc.

Its not in good
0 votes Thank Flag Link Sat Jun 11, 2011
Selling your property "as is" will not be a problem as long as the "numbers" work for everyone involved in the transaction. As previously answered, a successful transaction will depend on the amount of equity you have in the property and other factors. Another factor would be the terms of the lease with your tenant. West Oak Lane is a desireable area of the city and there are many investors that buy in this area to fix up and resell so the "as is" condition will not be a deterrant. If you would like to discuss your options, don't hesitate to contact me. I am familiar with this area and also own rental property. I have experience with rehabbing property so I know the process and have a good handle on renovation/repair costs so I could help you with the process of selling an "as is" property to an investor or an owner occupant that is handy.
0 votes Thank Flag Link Sat Jun 11, 2011
Hello Sheray,

Gary's answer is excellent, and complete. I susepct you want cash NOW though seller financing can be a good idea, depending on your financial goals at the end of a sale. Applying Gary's answers to your specific home here in Philly, this is my opinion.

First...West Oak lane is generally a very sound neighborhood, sought after by many folks.
Second...Are you still rented ? Are the leases month to month or for longer ? Obviously, how much...?
Third...To an investor this is like buying a bond, that costs x amount and will pay Y cashflow over the years. So to an investor, your leases literally project a value of the home, modified a little, by condition/appeal, etc.
Fourth: if this is a multi-unit property, the utilities and costs bourne by the onwer matter a lot, since the y quite dramatically affect the overall NET income picture an owner will experience.
Fifth...investment properties are usually bought and sold As-Is. Most of the "first time real estate investors" who were common in our market 4-5-6 years ago have fled the market. Veteran investors will not pay "my beautiful home" retail prices, but also do not expect "my beautiful home" condition -- UNLESS they think they are dealing with a pushover, which is the reason you list with me or someone else --- but LIST with an agent !

If you would like to explore further with me, please call, write or text. I own rentals myself, work with investors and understand this segment of the real estate market quite well, and have sold in this part of the city.

Best regards,

John Leonard
Long & Foster Real Estate
http://www.john.leonard@lnf.com
610-742-9389
0 votes Thank Flag Link Sat Jun 11, 2011
Sheray, have you given the person who's renting the opportunity to buy the house? If you give me a call we could discuss other options as far as short sales and investor's.
Thank you
Belinda Johnson
267-973-4302
0 votes Thank Flag Link Sat Jun 11, 2011
Many questions... is it currently rented? How long is the lease? Still have high mortgage on the house? Does tenant want to buy it? Would you consider rent to own? We can package an offer where it's can be inticing to investors. But worst case senario, we can also look into Short Sale or Deed in Lieu.
0 votes Thank Flag Link Sat Jun 11, 2011
Sheray,
Investors are all about cash flow and appreciation or equity. They want a great return on their investment. If you can structure your sale and price to accommodate those goals an investor will be interested. If you own the home free and clear of any mortgages, then seller financing would be a great tool to use. If you have a loan that needs to be paid off, but have equity in addition, then the investor can get a loan to satisfy your mortgage and closing costs and you can hold a mortgage for your equity with great terms that will give the investor cash flow. If neither option is available then your best bet may be to rent option the property to an investor or other potential buyer.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes Thank Flag Link Sat Jun 11, 2011
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