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I've seen it work both ways -- it all depends on what a potential buyer and/or investor is looking for. Some investors are looking for a rental investment with all units rents (i.e., investment - to collect the rent and make money off the property). On the other hand there are buyers who wish to owner occupy one unit and rent the other (i.e., the rental floor helps pay the mortgage for the owner while the owner lives there). With that being said, another key factor in determining if you are trying to attract an investor or a buyer to owner occupy the property is based upon what the house is worth. An investor won't buy the property, even if rented, if the rent will not cover the mortgage, taxes, repairs, etc. If the house is worth more than the rent will cover - ideally you will be attracted a buyer to owner occupy.
This is something you need to determine -- house value vs. rental income and depending on where those numbers fall - rent it or don't. Those numbers will determine your "profile" of your buyer.
Good luck. If you have any further questions, please do not hesitate to contact me.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
I would say get it on the market without tenants. there may be ( more then you know) people tht want a 2 family for family memebers and would not want to deal with taking on tenants initially.
Do make a history of tenants and rent roll to give to any prospective buyers and tell them you were waiting to find a buyer before renting.
Does the property rent quick?
I think you would be in good shape.
Let the tenants know that they are on a month to month and then under the descretion of the new owner, give it to them in writing.
I would then leave the other apartment vacant to show to buyers. This way it is easy to show the property.
I also suggest taking many pictures of the rented unit. So the prospective buyers can get a good idea of what it looks like and what the condition is of that unit.
This way you have the best of both worlds. You are still receiving rental income and you can show the property very easily. If you can't show the property you can't sell it.
I don't have two buyers ready to buy your home but my marketing plan will insure that you do get maximum exposure to find that one right buyer that you need. Contact me and other realtors to see who you feel comfortable with. I would be thrilled to interview for the job and may the best realtor win!
A. Dino Braz
Top 5 in Real Estate
HouseValues/JustListed Certified Professional
NJAR Circle of Excellence
Jordan Baris, Inc
In either capacity, a new homeowner may want to start fresh and choose tenants for himself or herself.
John suggestion is excellent: Whether you choose you get new tenants or not, have an income and expense sheet to share with prospective buyers as well as a rental roll/history.
My point is that you do not know which of these 2 buyers I am going to bring to your house. The investor would be ok with a fully rented house but the other wants 1 unit available for him to use. Since the only way to please both is to offer the house empty then I guess that answers your question.