Are You Tired Of Being A Landlord?

1012701_558570700867104_589716148_nRecently, I have heard and read countless accounts of people who own rental houses getting tired of being a landlord.  They tell stories of renters that destroy their properties, calling at all hours with non-emergency toilet troubles, and most tenants can’t pay their rent as agreed causing owners cash flow problems.

Almost every one of these stories of tired landlords ends with a plea for relief. They want out but either don’t know how or don’t want a total loss of their supposed asset.

You should be glad that you have found this article if you are feeling like this with your rental business.  You need to know that you have more options that just spending time and money at eviction proceedings or worrying about getting more potentially bad tenants repeating the pain all over again.

Consider this scenario…

If your property is empty you could spend time and more money repairing the past tenants’ damages to get the house retail ready.  Then contact a realtor to list the house, show it and get an offer.  Keep in mind that the offer will most likely not be your asking price.

Most buyers are starting their negotiations by making a 5-10% discounted offer to your asking price.  Then they will usually want an inspection done and you to make any repairs based off of the inspector’s findings.  Oh, and I forgot to mention a 6% realtor commission coming out of that too.  If you are wanting out of this house quick and cheap to relieve the headaches; then this is clearly not the way to do it.

Let me show you how these numbers break down

Let’s say that your house, retail ready and repaired has a value of $100,000.

-$10,000 Repairs getting it retail ready (solid average)

Finally, a $90,000 offer from your realtor comes in, after sitting 90 days on the market.  The typical offer will also come with a contingency of selling the buyer’s house first or approval of their first mortgage for the purchase, which is costing you more time.

So you sign the offer and now the buyers want a home inspection where the inspector finds another $4500 of repairs that they want you to make or they’re not buying. Typical buyers are not done yet; they also want some participation by you for closing costs, which are usually $1000-2000.

Now at the closing table, your realtor gets her $5,400 commission and you net a check for $78,100.  Don’t forget to deduct the $10,000 in repairs getting the house retail ready and the cost of that money too. Your net is less than $68,000.

So as you can see, this is how most home sellers travel through the process of selling their house.

There is an easier method by doing the following:

Sell your house to Dave as is and make $0.00 dollars in repairs.  No paint, carpet, drywall, water heater, nothing.

You won’t pay inspection costs, closing fees, or a commission.  And there’s no waiting on another house to sell for the deal to be done or contingencies on pre-approval, approval, underwriting for mortgages.

Come to closing in 3-4 weeks and get your check.

If this sounds like an easy transaction for you to get rid of the painful month end and out of collecting late rents, taking calls about clogged toilets, and feeling beaten by seeing your house destroyed by tenants then give me a call now(502) 509-4725 or complete this form to get the process started and ended quick.

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Filed under: Investor Exit StrategiesLandlords and Tenants

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