Owning a Los Angeles investment property should be a rewarding experience and a profitable asset – but what if it’s not? There are many reasons why you might want to drop an investment home as soon as your last set of tenants is gone.
When that happens, you don’t have to jump through the hoops of the traditional housing market. You don’t have to repair, upgrade, renovate, repaint and stage the house. You don’t necessarily need to advertise for buyers, wait for bids, negotiate, and close. You don’t even need to worry about closing costs and paying real estate agent commissions. When you want to get a rental home off your hands fast, you have options.
TENANTS ARE LEAVING: THE RIGHT TIME TO SELL
LA rental homes are managed through leases, which are legally binding for both tenants and landlords. The lease guarantees a home to the tenants for the duration – usually a year – and the home can’t be decommissioned as a rental property during that time. So the best time to sell an investment home is at the end of a tenant’s lease. You can let your tenants know that lease renewal is not available or you can take advantage of a tenant’s plans to move out to time your escape from investment home ownership.
The good news is that you can start making plans as the end of the last lease approaches. Often, you can arrange for potential buyers to begin investigating the house the day after your tenants complete their move-out. With the right buyer, the house could be off your hands in days, not months, after your tenants depart. All you need are the right buyers with the resources to buy quickly.
SELLING YOUR RENTAL HOUSE TO A FLIPPING BUSINESS
Home ‘Flipping’ is the business practice of buying shabby houses and reselling them once improvements are made. This brings homes in poor condition or even trashed homes back into the fold of move-in-ready homes on the traditional real estate market. Individuals can flip one house at a time, while companies like Seller’s Advantage can buy and rehab homes on a much larger scale.
If you need to sell a Los Angeles home fast that is not in pristine condition, or to sell a home in days rather than months, then selling to a home flipping business is often your best choice. Here at Seller’s Advantage, we take the effort of polishing a home for move-in-ready sale off your hands. Selling a home on the real estate market requires repairs and buyer negotiations. If you need to sell for the home’s current value fast, then you can leave the rest in the hands of professional property-flippers like us and walk away with the cash.
Call Seller’s Advantage to schedule a no-obligation inspection and appraisal. We’ll give you a quote and you can have cash-in-hand in just a few days if you accept the offer.
REASONS TO DROP AN INVESTMENT PROPERTY
Sometimes, it’s a personal choice. Often, it’s a practical business decision. For those highly motivated to drop a property, there may have been a recent bad experience that has soured your enthusiasm on renting to tenants or renting that particular property.
Here are some of the most common reasons why a homeowner might want to quickly sell an investment property:
INHERITED A RENTAL HOME THAT YOU DON’T WANT
Many people retire with a few rental home properties as maintenance income. When those no mortgage homes are inherited by relatives, the heirs may not be as interested in landlord responsibilities and expenses. The investment home might be too far away or you might not be prepared to take on the landlord role. You may even have tried and disliked the business before. If you have inherited a rental home, you can have buyers ready before probate has fully released the property.
LOCAL MARKET IS NO LONGER PROFITABLE
Investment properties should be managed in areas that generate a profit – balanced by the home maintenance costs. This involves many factors including local rent averages, by-neighborhood rent, and the local economy surrounding each rental home. If you have a property that is no longer profitable to maintain and continue renting, then a quick sale may be the perfect solution.
READY TO RETIRE FROM BEING A LANDLORD
Being a Landlord can be quite involved, and good landlords often treat investment ownership like a full-time job. So when you’re ready to kick back and enjoy your post-career lifestyle, you may also be ready to step down from the landlord role and pass the baton to someone else who will provide affordable housing to local families. If you don’t want to worry about the hassle of home prep for real estate market sale, then you can find a business buyer like Seller’s Advantage for a quick and easy offloading experience.
HOUSE IS TRASHED BY PREVIOUS TENANTS
It’s an unfortunate but common occurrence that rental homes are badly damaged and occasionally wrecked by the last set of tenants. When the deposit doesn’t even start to cover the damage, it may be more cost-effective to simply drop the property for whatever it will sell for. The real estate market was not built to sell trashed homes, but there are teams like ours that have the resources and know-how to rehab a house even after it’s been wrecked by disrespectful tenants.
RENTERS COULDN’T PAY RENT AFTER COVID
Investment home profitability may have been impacted very recently by the COVID impact on tenant finances. If your rental property is suddenly costing you money because renters can’t pay, you may need to make some emergency financial decisions. One of those options is to quickly sell the house as soon as your tenants are moved out to recoup the value and stop further maintenance-cost losses.
HOME NEEDS MAJOR UPGRADES YOU CAN’T AFFORD
Rental homes also accrue cost over time. Ever few years, you’ll need to install or upgrade something major like replacing the water heater or reinstalling the roof. If the rental revenue has not been enough to cover these expenses, it may be time to drop the property. Of course, the real estate market is a poor place to sell a house with maintenance needs, but there are speedy buyers like Seller’s Advantage who can take on a shabby house without concern.
COVID HAS CHANGED YOUR PLANS
Last but certainly not least, the pandemic may have changed your personal plans. Many people are pulling back their investment ventures, focusing on business closer to home, or changing their career plans entirely in response to pandemic conditions. This is something we completely understand and are here to help with.
DO YOU NEED TO SELL A RENTAL INVESTMENT HOME RIGHT NOW?
Rental homes are not always as profitable as we planned. If the home is damaged, needs serious maintenance, or if the economy just can’t provide the rental revenue you need for upkeep then it’s time to drop the property. You might be getting rid of one property or dropping out of the landlord business entirely. No matter your personal plans, what you need is a quick cash solution instead of the usual real estate hoops to jump through. Sell your California house as is in any condition to Seller’s Advantage.
If this sounds like your situation, Seller’s Advantage is here to help. Contact us form or give us a call at 949-506-3973. Schedule a no-obligation home inspection and appraisal, then accept our cash offer to close within days.
No matter your reasons, we’ll help you move a rental house off your hands so you can move on with your personal life, business, and financial plans without the burden of an unwanted property.