Friday, March 29, 2019 / by Sara Koenig
I don't know anyone in the Real estate world that would tell you owning an income property is a bad idea.
Real estate is one of THE BEST investments that you can make, ever!
BUT....and this is a big BUT...when it comes to selling an income property, your tenants can be the ultimate sale killer and ensure that you NEVER sell that income property.
I've seen it so many times before. The thing to remember is that your tenant IS NOT selling a house, and in some cases may not have any sort of vested interest in the successful sale of your home...because ultimately the successful sale of your home means they are losing the place where they currently live. Right?
So, for this reason, my recommendation to my sellers in this situation is to move your tenant out and get your property ready to sell in a serious way. I know this isn't ideal considering you won't be getting rent for the period between listing and "SOLD" but you could cost yourself thousands of dollars by ...
Sunday, March 24, 2019 / by Jody Lee
Are you selling a property that is not your primary residence? Consider doing a 1031 exchange!
What did you do with the property you are selling? Did you rent it out, run your business out of it, lease it, or is it raw land? As long as it is not your primary residence, it may be a viable 1031 property. Do you plan to reinvest in real estate? Why not consider doing a 1031 Exchange and defer your capital gains taxes!
There are very strict rules in completing a 1031 exchange, and the best way to make this happen is to first let your real estate agent know what you plan to do and get yourself a Qualified Intermediary.
One of the most important decisions you will make regarding your 1031 exchange is the choice of whom you will use as your Qualified Intermediary “QI”. It is crucial to select a QI with professional credentials and extensive experience. They are a crucial part of the planning and assistance during your exchange. If and when ...
Sunday, March 24, 2019 / by Jody Lee
The real estate market is booming, which means that if you have been hanging onto that rental now may be the time to sell!
Of course, if you are a landlord selling a house, there are probably people living in it. Selling with tenants can be a challenge, and a tenant can make or break your sale. You’ll have to plan well in advance, communicate openly with your tenant, and create a plan to get your property sold.
How do I sell a rental property with tenants?
When you decide it’s time to sell your rental property, there are two main courses of action you can take as a landlord: Waiting for the lease to expire before selling, or selling while your tenants are still living in the home. There are benefits and drawbacks to both options.
Wait for the lease to expire:
Allows time for updates: If you’re able to wait for your tenants to move out, you’ll be able to clean, do any cosmetic updates, and just generally spruce up the home before listing, which may help yo ...
Thursday, March 07, 2019 / by Matt Bergman
Selling your home can be an adventure and you never can predict what is going to happen. Every sell is different and comes with its own hurdles. If you have tenants then there are a lot more things that need to be considered. Every time you sell a house you should have a game plan and especially if you have tenants living there. There are a few strategies that you can take and Ill go over both.
Show with the tenants there:
As a seller you need to keep in mind that this is also the tenants home and they most likely have some emotions going in it too. So its smart to sit down with them and have great communication before this process even starts.
Why would the tenant want to keep the house clean and showing ready if they are just going to have to move out anyways? This is something to consider when selling your house. A good option would giving incentives for them to keep it clean. One way you do this is reducing rent for the months showing. Putting more money back i ...
Wednesday, February 13, 2019 / by Zak Allen
When is it the best time of the year to sell your home? Are the rumors true in regarding the summer time? Or is it best to sell when it is slow? This blog will be the hopes to tackle that for you! At the end of the day this is my opinion. No matter what I think or say I will say your families specific situation will be the ultimate determination , as well as depending how the market is doing at the time you’re ready to sell!
Nationwide, all the websites will tell you that in May is the best month to sell, or first week in may. That people may have summer plans and wanna get everything rolling before then. Or even that people got their tax returns and they’re super motivated! However things like: job growth, mortgage rates, and specifics of your local market will make the biggest difference in your situation!
Now with Spokane being such a Sellers market, you could argue the best time to sell is actually now! During the slow times ...