Home Selling in 33334>Question Details

Bach Nguyen, Home Seller in 33334

Should I sell my postive cash flow duplex?

Asked by Bach Nguyen, 33334 Tue Jan 6, 2009

I have a duplex that is grossing 2500 a month that is located in Coral Ridge Isles. I would like to sell it since I no longer live there and have no homestead tax protection. Both side are fullly upgrade. The owner side have new kitchen with granite countertop and stainless steel. I would like to sell it for between 350K-375K, but do not want to spook my tenants. Please help!

Thanks,

Bach

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Answers

7
It sounds like you already made your decision and really just want to know how to sell without loosing your positive cash flow in the duplex.

If that's the case, you can ask your tenants to prepare for the home insurance agent visit (who is actually your realtor) to take great pictures (at least 25 pictures of inside, outside, neighborhood and street views to be put in the Multiple Listing System (MLS)). More pictures - more sales.
But, ask the tenants to be neat.

Then, when selling, have the buyers drive by (without disturbing the tenants message in the MLS),
and, if the like everything, the buyers can make an offer subject to preview.
This means that you first agree on the price and terms of the sale, then the property is shown to the buyers. If they change their mind after previewing the property, their escrow money is refunded.
If they like it, they proceed with the closing.

If priced correctly, your property will generate more interest and "traffic" amongst prospective buyers.
Make sure that your property is marketed extensively on the internet.

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Mar 22, 2012
yes you should if you are in position to buy a bigger multi family like 4 or 6 units because you wil increase your cash flow and it is better to have increasing value on a higher price value. 5% increasing value on $1,000,000 is more than 5% of $500,000 .
0 votes Thank Flag Link Thu Mar 22, 2012
Bach-
Do you think one of your tenants would be interested in purchasing it? With an FHA loan on a 2-unit property, your buyers can put 3.5% down and you can make a concession to cover closing costs. In some cases, you can apply past rents towards the down payment.

If you have any questions about it, feel free to call me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Tue Jan 6, 2009
To put it bluntly, I am telling all my clients who ask about selling their property right now, is that if you don't have to sell, don't. There may be other considerations such as taxes, but in this market, investors are looking for major deals, and others are sitting on their hands waiting to see where the bottom is. So, again, I am telling anyone if you don't have to sell right now, don't. Interest rates are down, but banks are being very tight with the lending process, so money isn't as available as it might seem, either.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Tue Jan 6, 2009
Hello Mr Nguyen,

As Marlene stated it is not an unsual request for any realtor that would want to show an income producing property (duplex etc) that it can viewed outside only and NOT to disturb tenants.
Once more interested then an apointment can be set up for an actual viewing of the units. At some point though the tenants will have to know.

Without knowing much about the units themself or how many bedrooms and baths in each unit, i have created a market analysis for you. Again this is just an approximate price since I have not viewed the property. I have provided a link below for your review.

At this time your would like price maybe un-realistic but again without viewing units and property it is just a guestimate at this point.

In this market things are selling but they must be priced right.

I would be happy to discuss this with you further, you may contact me at your convenience.
hope this helps in some way.

Jose Castillo
Coral shores Realty
954-240-3940 or josesellsfl@yahoo.com
0 votes Thank Flag Link Tue Jan 6, 2009
That is not an unusual request. Generally when Realtors show duplexes they are told not to knock on the tenants doors. They may walk around the property and see the area and if they have true interest then we can request a showing. Also, what you can do is multiple pictures of the interior as well as virtual tour, etc.

Warm regards,

Marlene Howard, Realtor, ABR, e-PRO
Prudential Florida Realty
0 votes Thank Flag Link Tue Jan 6, 2009
Hi Bach,

Your guestion needs lots of input from your accountant.

In this market, I suggest only from the Real Estate side, don't sell into this market because it is ugly.

You need to find a good local agent (I know a good one in Broward) to give you a CMA on the property so you know what you might get for selling the property. You might find the price the property will bring to be far below your 350k asking. Be sure the agent understands you need a REAL price.

You can always list at your needed price, the big question, will it sell.

John
352-978-4539
0 votes Thank Flag Link Tue Jan 6, 2009
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