To lease or leave things month to month?

Asked by Frostysmom, New Orleans, LA Thu Mar 17, 2011

I have a great duplex in Uptown that is continually rented by grad students. It's never lasted on CL longer than 5 days in the 4.5 years I've had it.

As a general rule of thumb, it having it under a lease a positive or a negative for a buyer. The rents are very high, $ 2125 combined per month. And the tenants are wonderful.

Thanks!

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Abraham Walk…, Agent, Alexandria, VA
Fri Mar 18, 2011
This response does not constitute an agency relationship. This is just my opinon.

The type of clientele you expect to purchase the property will determine your strategy.

If you expect an investor to purchase your property than leave the tenants in place. I would recommend giving your listing agent a copy of the lease in adavnce. Also include a list of items that stay with the units along with their purchase date. Investors will want to know when they will have to replace items in the future.

Owner Occuipied Buyer:
I would suggest having one unit vacant and preferably staged. This will give the buyer an idea of how they will live in the space. Make sure you follow the steps that single family home sellers have to go through to get their home sold (maintain the lawn, plant seasonal flowers, remove window treatments, apply a fresh coat of paint where needed and give the bathroom a good scrub.

Multifamily market in New Orleans (overall) is very tough. A lot of mom and pop doubles are being foreclosed on every week. Make sure you study the market to make the best decision concerning list price.

Hope this help and good luck.
Web Reference:  http://abrahamwalker.com
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Loraine Arr…, Agent, Salem, MA
Thu Mar 17, 2011
Hello,
If the property is fully occupied, then you must find an Investor to buy the property. If one unit is empty, then it might appeal also to owner occupant Buyers. Don't to want to have the broadest potential?
Another option might be to speak to current tenants, inquire as to their future plans. Someone might be graduating or have other plans, whereby you could advertise potentially, that one unit in the property property would be vacant at closing.
Good Luck
Web Reference:  http://www.AteamRE.com
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