Don,

It doesn't sound like you understand our local market very much. You stated that many investors drive around. Not around here they don't. They find a local Realtor to help them with their ventures. You also stated that the good properties never hit the MLS. Another untrue statement. Most of the good properties hit the MLS.

When I explained that it is harder to show a home while it is being occupied, it is usually true for most buyers. There is only a small portion of buyers that are investors looking for tenant occupied homes. If the property was vacant, it would cater to everyone. Having a tenant in the property with a lease is a plus for investors, but I was pointing out that general buyers will not be interested AT ALL. I was saying this in case he decided to cater to everyone instead of just investors.

Wed May 14 2008, 23:39

Gary, if your properties are currently leased and you can show that the tenants are solid and want to stay, you are in a good marketing position. Look for a RE agent in your area with a positive attitude who has a good marketing plan directed at investors. I recently represented a 1031 investor on a short time frame and tenant occupied were the ONLY homes we looked at. Good luck to you.

Wed May 14 2008, 22:24

The ability to sell to an investor depends on the property condition, cash flow and your wiliness to discount the purchase price to near wholesale. If you're serious about getting your homes sold, give me a call [702.553.6543] or drop me an email.
I'd like the opportunity to discuss this project with you.

Good luck,
Bill

Wed May 14 2008, 15:38

Contact some of the real estate investment clubs around Las Vegas. Here's a link to those in Nevada: http://www.creonline.com/real-estate-clubs/nv.html

Some of the advice below, um, surprised me. Len, for example, said: "Listing properties that are tenant occupied is definitely not easy. In this market with so many homes on the market, many agents and their buyers will drive right by the homes that are occupied." Sure, that's true if they're listed on the MLS and seeking a retail owner-occupant buyer. But you specifically said you're looking for investors interested in tenant-occupied homes. They're the best kind. Someone's already in there, making payments. An investor doesn't have to search around for a renter. And, since the tenant's already in there, the new investor doesn't have to sink $5,000-$10,000 into paint and carpet.

Marilyn writes: "investors don't spend their time perusing the newspaper or driving around looking for the best property; they hire a realtor who will find the property for them." Well, umm, yes they do peruse the newspaper. And yes they do drive around. It's called "driving for dollars." Most investors also have a Realtor on their team. But investors know that many good deals never make it to the MLS. Many good deals are never listed.

And Keith, who usually gives excellent advice, wrote: "you also will want to look at the possibliitiy this could turn into a short sale." Maybe he saw something in your question that I didn't. All I saw is that you have two rental properties that you're willing to sell with the tenants still in them. Unless you're having serious financial problems, there's no reason to even consider a short sale. On the other hand, that's good advice about a 1031.

Hope that helps.

Wed May 14 2008, 15:21

Hi Gary,

The good news is there are investors back in the market and they are looking for property to buy and rent out. (compared to a few years ago when they were just trying to flip) The bad news is there is a lot of bank owned property out there to compete with, so proper pricing is critical. (About 50% of sales this year have been bank owned or short sale property.)

Keith makes a good point about the 1031 exchange if you have made a profit and want to reinvest in real estate.

If you're serious about getting your homes sold, give me a call or drop me an email. I'd like the opportunity to discuss some sales strategies specific to getting your tenant occupied homes sold. Click on my profile to contact me.

Wed May 14 2008, 12:58

Gary
I suggest interviewing three Realtors and see who has the best experience and marketing ideas for income property. Income property is a unique animal and you definitely want someone that has experience.

I don't know what your exit strategy is, you might want to consider a 1031 tax deferred exchange if you are thinking of purchasing "replacement" property. So having a Realtor that is familiar with 1031's is a good idea.

Given the market in Las Vegas you also will want to look at the possibliitiy this could turn into a short sale. I was at a workshop and the head of IndyMac's Loss Prevention deparrment attended, and was asked if Indymac would consider a short sale on investment property, and he replied that "if it made good business sense" they would.

Wed May 14 2008, 09:50

Gary,

Listing properties that are tenant occupied is definitely not easy. In this market with so many homes on the market, many agents and their buyers will drive right by the homes that are occupied, especially the ones with uncooperative tenants.

The homes can be sold though. It will mainly depend on the price that you are asking for these homes. If the price is good enough and it seems to be a great deal for certain buyers, they will make sure they look at it. So as long as you have a good pricing strategy and good marketing for these properties, you should be in a decent position.

You will definitely want to get the properties listed with a Realtor though. A good Realtor will work hard for you and negotiate the best possible terms for you. Let me know if you decide to interview a few agents. I would be interested in helping you out. You can contact me anytime on my cell below or you can email me with any questions. I will be happy to help. Thanks for your time.

Len McGuirk
Prudential Americana Group
(702) 203-6688
LenM@AmericanaGrp.com

Wed May 14 2008, 09:48

Always the best way to find an investor is to list the property with a good realtor. One of the criteria for choosing an agent would be availablity of investors buyers in the office. For instance, in my office there is a team that works primarily with investor purchasers. This gives you the advantage of finding a purchaser sooner that is well qualified to proceed with the transaction.

Remember qualified investors don't spend their time perusing the newspaper or driving around looking for the best property; they hire a realtor who will find the property for them. They may have enough experience to ask the right questions, but they don't want to spend their time sifting through everything that is available. They want to give their criteria to a good agent and have them do the leg work. Give me a call and we can set up a time for me to view your property. Marilyn-702-348-7146.

Wed May 14 2008, 08:01

I have a pool of investors looking for "rent ready" homes. Please feel free to give me a call so I can schedule an appointment to preview your properties for my buyers. Nichole LaVigne 702-544-4022

Wed May 14 2008, 07:52

Many investors would be interested in purchasing a tenant occupied home in Las Vegas. Positive cash flow is always a plus. The tough thing you will have is showing the properties so they can sell. We currently have a condo listed in Las Vegas. The tenant is uncooperative. The price is amazingly low, and due to our comprehensive marketing system, we have had a lot of interest. This property would have sold if the tenants were willing to show the property. Good Luck with your properties! If you are interested in listing with a realtor, we would appreciate the opportunity to interview for the position.

Wed May 14 2008, 07:52