How to Retire from Rental Properties Quickly
This East-side Lancaster duplex came to us when a landlord wanted to retire from dealing with the headaches of property management. He wanted to sell his portfolio quickly and also make sure that the current renters would be well taken care of. He owned another business, which he wanted to focus on, and the rentals were slowing him down. Still, he didn’t want to have a slumlord come in and ruin the neighbhorhoods of his hometown here in Lancaster, Ohio. That’s when he reached out to us. He knew we are local born-and-raised here in Lancaster. He wanted to sell the entire portfolio off-market, without real estate agent commissions, and to someone he could trust to close the deal.
If you’re looking to retire quickly from rental properties and still do it the right way, here are a few strategic items to consider:
Determine Your Selling Timeframe:
Timing is everything! And we understand that you may need to sell quickly for a variety of financial and strategic reasons. When looking at when to sell, be sure to consult with your financial and legal sources to make the best decision. If you’re still in the “thinking” stage of making that decision and you’d like to know what your property is worth, we’re happy to give you an offer over the phone and talk through the numbers of how we determine that offer price. We can even send it to you so that everything is in writing.
If you’ve decided that now is the time the house needs to be sold, you can rest assured that we have the professionals in place through Hocking Valley Title Company and Daggar Law to assist with a fast and easy closing.
Determine Your Tax Strategy:
This is the part none of us love to talk about, but taxes do come into play when selling a house. We do pay cash, but it’s not in a suitcase or back alley deal. We do this correctly through Hocking Vally Title Company and there will be tax forms filed. Talking with your tax professional is a vital step. We cannot erase taxes altogether, however, we CAN help spread that tax liability potentially over 2 tax years and provide additional income from the house, depending on how the purchase is structured. If this is something that would be helpful, just ask! We’re happy to help! You can text us at 740-240-6222
Determine Your Tenant Strategy:
Option #1 Sell with Tenants in Place:
Pros: Provides income for you while selling
Cons: Requires cooperation from tenants.
**NOTE: we have systems in place to take good care of inherited renters. Since we specialize in high quality rentals, we always work hard to make the transition smooth for renters. Even if they’re nervous about the transition, they can be reassured that we will walk them through the process step-by-step. (Want to see our rentals? Sure! Here’s our website for RENTAL PROPERTIES)
Tips: Communicate openly with tenants. Make sure you and the renter have the most up-to-date copies of the lease so everyone is on the same page if at all possible.
Option #2 Sell Vacant:
Pros: This may be easier and faster to close.
Cons: Waiting for a renter to move costs you more in time and holding costs.
Tip: If you have renters in place, they do NOT need to move for us to buy the home. We’re happy to work with each unique situation and listen to what you and your tenant need. Because we’re a small local company and we’re cash buyers, we have that flexibility.
If you’re ready to have a conversation with real, local people, you can reach us by calling or texting 740-240-6222. We do work on the houses, so please leave a message and we will get back to you if we’re working onsite.
