Home Selling in Hawthorne>Question Details

Karen1125, Home Seller in Hawthorne, NJ

We own a 2-family home in Hawthorne, and our tenants will be moving out soon. Is it better to sell the houe without tenants? Or should we rent fast?

Asked by Karen1125, Hawthorne, NJ Sun Nov 15, 2009

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Hi Karen1125, you've gotten good advice - I too have seen it work both ways - I think a lot depends on the level of cooperation of the tenants. If showings are difficult/cumbersome with the tenants in place, I think it best to wait until they are gone. But either way, have good records to support the rental income that the property can support.

Good luck,
Jeannie Feenick
"Unwavering Commitment to Service"
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Sun Nov 15, 2009
Karen,

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
973-715-1158 cell
973-992-6363 ext 116
Gina.Chirico@PrudentialNewJersey.com
1 vote Thank Flag Link Sun Nov 15, 2009
the tenant I have has lived here for 8 years she knows the house is for sale
and she may have to move I need the income for the rental to pay my mortgage until the house is sold my house is listed with Coldwell banker multiple listings any broker can come lock box and all 154 Mohawk Ave
Hawthorne,NJ 201-563-5725
Flag Mon Nov 4, 2013
Hi Karen,

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.
1 vote Thank Flag Link Sun Nov 15, 2009
Hi

let me know if you still have the house
0 votes Thank Flag Link Sat Nov 2, 2013
The Ideal situation is for the house to NOT have tenants. This way, you can show the entire house without having the hassle of tenants availability. But, this also depends on how desirable the house is, can the apartment be rented quickly? Ask the potential buyers if they want the property with or without tenants.

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.
0 votes Thank Flag Link Wed Nov 25, 2009
The ideal situation would be to rent one apartment out on a month to month basis. (Be up front with the tenant)

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.
0 votes Thank Flag Link Tue Nov 24, 2009
My first question I have is: Did you ever live in the home? If you did then it may be perfect home for an owner occupant. If you didn't, would it be one you could see one owning and living in? Nobody seemed to give you an answer that you were asking. But here it is, generally a desireable owner occupied two family can get you a higher price than a pure investment home. Why? Because if you are in a desireable location in Hawthorne someone who would want to live there is not as concerned about their Rate of Return on investment as opposed to simply getting help to pay their mortgage. They also may want a family member in the other unit as opposed to a stranger no matter what your rental history shows. But a good solid rental history will show the home's desireabity and if they don't have a family member to move in that would be important.

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!

Enthusiastically,
A. Dino Braz
Top 5 in Real Estate
Marketing Specialist
HouseValues/JustListed Certified Professional
NJAR Circle of Excellence
Jordan Baris, Inc
Cell 1-908-285-0263
ISell4U@att.net
http://www.ADinoBraz.IsAnExpert.com
http://www.BestNJProperties.com
0 votes Thank Flag Link Sun Nov 15, 2009
I say without tenants. It's much easier to show a property to perspective clients when a property is vacant.
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.
0 votes Thank Flag Link Sun Nov 15, 2009
I have 2 buyers looking to buy 2 family homes in Hawthorne. One wants to buy a house as an investment and the other wants to buy a house where he can live and rent out the other appartment to help pay the mortgage. I know either would be quite happy to buy the house vacant.
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.
progers@weichert.com
0 votes Thank Flag Link Sun Nov 15, 2009
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