Passive income earned through building a diversified real estate portfolio allows investors to live out their retirement on their terms, in the lifestyle to which they’ve become accustomed. In addition, diversity creates a safety net against inflation because while one section of the market may falter during periods of downturn, sound investments in other market sectors will continue to keep pace with inflation. After all, rental rates keep pace with increases in the cost of living.
While buying rental properties is a significant step in building your real estate portfolio, exiting properties based on your current circumstances and market trends should also be a part of your investment strategy. Selling a property isn’t an easy process, and when you add in the complications of a house with tenants in place, you may face an uphill battle.
Naturally, your tenants may not feel it is in their own best interest to be hospitable to your potential buyers during showings, especially if they believe they’re losing their home. Nevertheless, it’s constructive to consider your tenants’ stress, time, and expense of an impending and undesired change in housing as you formulate how to present the news to your tenants. Several factors come into play regarding the best approach, such as the lease terms, your history with the tenants, and your motivation for selling the property. Read on as we explore three things you should know about selling your house with tenants in Memphis.
The lease terms are the first thing you should know about selling your house with tenants in Memphis. You should also review laws regarding landlord-tenant agreements in your state to protect yourself. You may have to wait until the lease expires or attempt to sell the property with the tenants in place to another investor, like the professional investors at Memphis Home Buyers, who will buy your house for cash, as-is.
Keeping an open line of communication with cooperative tenants is essential and something you should know about when selling your house with tenants in Memphis. Be upfront and have everything in writing so that the process of selling and the showings is clear to your tenants. Texting is quickly becoming the most reliable and speedy form of communication; however, some tenants may prefer another form of contact, so be sure to work these details out in advance.
Another thing you should know about selling your house with tenants in Memphis is because incentives work, you can use them to your advantage. Firstly, if you’ve had positive interactions, you may want to offer the opportunity to purchase the property to your tenant. “Cash for keys” is another helpful industry standard; in essence, you’ll pay the tenant to vacate the property, typically offering moving expenses and the average amount of a security deposit in Memphis.
The most important thing about selling your house with tenants in Memphis is how a professional investor from Memphis Home Buyers can help make the process easy for investors like you. With years of experience negotiating with people from all walks of life, the team at Memphis Home Buyers can help you sell a property with tenants. At Memphis Home Buyers, our professional investors compare what you would profit by listing your investment property on the market vs. our offer, which you will agree is fair. And if you are looking for a new investment, ask a professional investor from Memphis Home Buyers about the current inventory of the best investment properties available in Memphis. No matter what issues you are facing with your real estate investments, Memphis Home Buyers is working every day to help investors like you solve problems. Call Memphis Home Buyers at (901) 828-8419.