Home Selling in 93534>Question Details

Lyn Kushen, Home Seller in Oxnard, CA

I have a rental house with a current section 8 tenant and I would like to sell the property...any suggestions?

Asked by Lyn Kushen, Oxnard, CA Tue May 20, 2008

I own a single family home in west Lancaster. I currently have a Section 8 Tenant and the monthly income for that house is 1700.00/ mo. The problem is that I have moved and the property is too far away for me to manage, plus I am currenly disabled. I would like to sell the home. It would be a great investment for some one but I am not sure of what the housing market is like for investment properties. I have invested time and money in paint, new carpet, ect. and the current tenant has only lived there for the past 8 months. I would like to keep the property but it's just too far away for me to manage. Any suggestions on the marketing for this type of property?

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Answers

8
Have you considered a local real estate agent for property management?
0 votes Thank Flag Link Fri Apr 13, 2012
Give us a call - we are investors. Elizabeth & Whitney Quinn 626-497-0761
0 votes Thank Flag Link Wed Mar 28, 2012
Depending on the location in West Lancaster, you may have a very desirable property. Homes in the area are selling very, very quickly! The housing crisis is actually a benefit for buyers here in the Antelope Valley. It is important that you contact a LOCAL Realtor, as it really does take an expert who is here an working actively to give you the most accurate information. I have lived here for almost 20 years, and Real Estate here has changed dramatically even in the last 5 years.

You will have to implement a plan for selling the home, as you have Section 8 tenants there. If you would like to have a discussion with me, please call me. I am able to arrange things with you by fax, email, phone or in person, whatever your comfort level is. My company has been doing business in the AV for over 50 years. I am part of a team of 3 professionals, I have a background in Lending and Finance as well as Real Estate, one of my partners has 20 years as a Senior Escrow Officer; the other has been a Realtor in the AV for over 19 years. Our expertise is at your disposal!

Although you won't get megabucks for the sale of your rental, you are still in a good position especially given your situation. So, be encouraged.

I would love to represent you in this sale. I look forward to your call!

Cindi Wolf
Troth Realtors
661-609-9392
0 votes Thank Flag Link Wed Oct 22, 2008
Lyn,
If you would like to sale your home, I can definately help you with that. But I can also assist you if you'd just like to keep the property as a rental. I know of a rebutable Property Management Co. that can do it all for you. They will collect your rents, take care of repairs, process evictions and most everything else involved in being a landlord. If you're still interested in selling your home, I can market it as an investment property and to potential owner-occupied buyers. All my listings are published in a monthly real estate magazine that is distrubuted to over 400 locations locally. It will also be put on my website and a half dozen other websites such as Trulia.com, as well as similar websites.

Please contact me with any questions,

Sandie Johnson
Keller Williams AV
sandiejohnson@kw.com
0 votes Thank Flag Link Tue Jun 3, 2008
Please contact me, I am a private buyer.
cjbonacci@juno.com
0 votes Thank Flag Link Mon Jun 2, 2008
Lyn,

The idea of selling your property is good! If you acquired that property long time ago and never refinanced you may have a good chance to sell it right away for the right price, since Lancaster is in a declining market.

Call me if you need any assistance, I cover Palmdale and Lancaster, you must have to notify your renters in advance since Section 8 protects them a lot.
0 votes Thank Flag Link Sat May 24, 2008
How much do you want to sell the property for? If it's priced low enough that it'll cash flow for the new investor (so, let's say monthly mortgage payments of $1,200-$1,300), you shouldn't have any problem finding someone to buy the property. Let's say that number, when you add in taxes, is $170,000. (I'm just roughly guessing; this isn't at all precise.)

Some investors don't like Section 8 tenants; others love them.

If you can't price it low enough to cash flow--if the investor's mortgage payments would be above $1,200-$1,300 a month (in our example, thus, the purchase price would be above $170,000), then consider taking back some financing on it. Let's say the property's worth $250,000, and that's what you'd sell it for. Take back an $80,000 second mortgage. To keep the investor's payments low enough to cash flow, you might make the second mortgage interest only. Or even a balloon payment, due in 5 years.

There are a lot of ways to handle the situation.

Find a good Realtor in West Lancaster. Discuss your situation with him/her. Get the comps for the property. Then work out a strategy with the Realtor. The market's always good for properties that cash flow.

Hope that helps.
0 votes Thank Flag Link Wed May 21, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Lyn
I can refer you to a local Realtor that can help you. The property would be marketed as "income property" or "investment Property".
Keith 1-888-284-2056
0 votes Thank Flag Link Wed May 21, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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