Looking to sell a two-family house in Belleville...

Asked by mister.sharpie, Belleville, NJ Fri May 25, 2012

Hello, I wanted to get advice on on selling the house that I currently own, live in and rent...Each unit has 3 bedrooms and the full, finished basement has a half bath. The yard is fenced in. House is within walking distance to Mass Transit.
My fiancé and I must move out of state and I worry about the responsibility of maintaining and renting out the house from so far away.

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Gina Chirico, Agent, Fairfield, NJ
Sun May 27, 2012
Hi Ken,

I agree that maintaining a multifamily home long distance can present a challenge. You need to speak to a few real estate agents to determine what its worth in today's market. How soon are you looking to relocate? Do you need a quick sale?

Would the property appeal to investors or owner occupants? Sometimes the price of the home will determine if its an ideal property for investors or owner occupants. Will the rent of both units cover the entire mortgage and taxes? If yes, it may appeal to an investor. If the rent from both units doesn't cover the expenses, it may appeal to an owner occupant, who, like you, can live in one unit and rent out the other thus the rent helps them to pay the mortgage.

Another thing to consider regarding is are your current tenants on a lease? If yes, when does that lease expire? A new owner will be bound to the terms of your current lease and some buyers want to buy a multifamily home without tenants so they can live in both floors (extended families or find their own tenatns) and some buyers look to buy a home already with tenants especially if they need the rent to qualify for the mortgage.

I grew up in Belleville by #8 school and know the area very well. Two family homes range in price from the mid $200,000's to the low $400,000's. If you are relocating quickly, I wouldn't suggest overpricing the home nor will an overpriced home attract investors. The home should be well priced and agressively marketed. Feel free to contact me to discuss the sale of your home.

Good luck.
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Edith Karoli…, Agent, Winnetka, IL
Sat May 26, 2012
I agree with you it is not easy to supervise and maintain a rental property when out of state.
You could of course hire a company that does that on your behalf.... but still....

So why not explore the option of selling the investment property... You need an experienced Realtor in your area, to give you the honest and straightforward answer to the suggested list price, what the possible sale price would or could be and then with the expenses of listing and closing what your
net to seller would actually be.....

It is not only a practical decision for you to make but also a financial one I assume.

If you need the recommendation of an experienced local Realtor let us know.

Good Luck to you...
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Investors alike. I cover the city of Chicago, all N and NW suburbs of Northern Illinois and the fine
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Wayne Odenbr…, Agent, Mountain Lakes, NJ
Fri May 25, 2012
Sounds like a nice investment property. I have (4) residential investment properties, (2) of which are (3) famiily homes. I am also a Realtor with ReMax. So I know the joy/pain of owning as well as marketing investment property.

You are right. Being a long distance owner can be a big problem. And with a (3) family property, you have the added burden of having State Inspections!

Recently, I closed on a 3 family in Lyndhurst and a (2) family in Boonton for my clients. The tenants are always an added challenge to the process of Selling. There are always financing issues in Investment properties. And again, there is the State! We managed to navigate through all those issues to a good outcome to both parties.

Let me know if I can help.
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mister.sharp…, Home Seller, Belleville, NJ
Fri May 25, 2012
My name is Ken, by the way...
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mister.sharp…, Home Seller, Belleville, NJ
Fri May 25, 2012
Thanks Ian, I will reach out to you to discuss further...sorry for the ambiguity...I am certainly open, willing and leaning toward speaking with investors. I had considered finding local investor meetups in the area to get the ball rolling...time is of the essence, so I'm trying to educate myself as much as I can so that I can make the most informed decision possible.
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Ian A. Wolf, Agent, Morristown, NJ
Fri May 25, 2012
There are a lot of moving parts here. Without a specific question you will also get lots of advice. I'll offer some ideas. First you need to decide if you are going to market to investors(largest segment of buyers for multi-family) or owner occupants(more narrow). For the former, you may be better off renting the unit you are living in to increase the value. You also want to be aware of tax escrow you may incur by moving out of state. Talk to your accountant and/or attorney about how this may impact you. Here is some information to get you started: http://www.ehow.com/info_8676886_new-tax-moving-out-state.html

Aside from that, you want to talk to an agent who has expertise in selling multifamilies and investment properties. Having owned and sold them myself, I know these homes are a different breed and require a certain set of skills and expertise.

Aside from that, I am sure you will get good insight from other agents too. Let me know if you have any specific questions I could help you with.

Hope that helps.
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