So how to sell (by bill [NY]) Jul 2, 2022 4:52 PM|
So how to sell (by RB [TN]) Jul 2, 2022 5:29 PM
So how to sell (by Robert J [CA]) Jul 2, 2022 6:14 PM
So how to sell (by Ken [NY]) Jul 2, 2022 6:39 PM
So how to sell (by plenty [MO]) Jul 2, 2022 6:47 PM
So how to sell (by Jim in O C [CA]) Jul 2, 2022 7:50 PM
So how to sell (by Arron [MA]) Jul 2, 2022 7:56 PM
So how to sell (by RB [TN]) Jul 2, 2022 9:04 PM
So how to sell (by DJ [VA]) Jul 2, 2022 9:11 PM
So how to sell (by Allym [NJ]) Jul 2, 2022 10:05 PM
So how to sell (by Robert,OntarioCanada [ON]) Jul 2, 2022 11:45 PM
So how to sell (by MikeA [TX]) Jul 3, 2022 12:00 AM
So how to sell (by Vee [OH]) Jul 3, 2022 10:07 AM
So how to sell (by tryan [MA]) Jul 3, 2022 11:49 AM
So how to sell (by Frank [NJ]) Jul 3, 2022 3:18 PM
So how to sell (by Hoosier [IN]) Jul 3, 2022 6:18 PM
So how to sell (by Rudy [NY]) Jul 3, 2022 10:20 PM
So how to sell (by Ray-N-Pa [PA]) Jul 5, 2022 8:54 AM
So how to sell (by Mike45 [NV]) Jul 5, 2022 8:05 PM
So how to sell (by Tony [NJ]) Jul 7, 2022 3:02 PM
So how to sell (by bet [MA]) Jul 11, 2022 9:47 AM
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So how to sell (by bill [NY]) Posted on: Jul 2, 2022 4:52 PM
Have had 7 properties over 30 years,from a 2 family to a 9 family . I want to start unloading them as the world is different now, crazy laws, crazy people with little integrity, and I'm tired with dealing with so many entitled people,
But I have never sold anything before. The first one on the list is my smallest, a 2 family. I have no idea how to price it Comps are not that easy,as not much around to compare it, its in an up and coming city in upstate, but in a c+ part of town ,.(nice building though.)
So do you ask a good real estate person to do a potential worth,..or do they low ball things for a quick sale?
And how do we deal with the tenants? Haven't told them yet. I suppose the RE agent will have to inspect the place, Then what about the aggravation of showing it?
I'm reluctant to contacting more than one RE agenise because I guess they would all want to inspect the place. --96.236.xxx.xx
So how to sell (by RB [TN]) Posted on: Jul 2, 2022 5:29 PM
"over 30 years",
and ya never gave much thought about
how you would someday sell, 7 properties.
I aint buying it ! --24.183.xxx.xxx
So how to sell (by Robert J [CA]) Posted on: Jul 2, 2022 6:14 PM
First you'll have to find out what the tax implications will be and the costs. Between the Federal Long Term Capital Gains Tax, State Tax, Recapture on the depreciation, AMT, Sales Commission and fee's. Add these all up and you may pay over 40% of the proceeds in commissions taxes and fee's.
In my State we also pay an affordable Medical Tax of 2.9%.
So you can get recommendations on a Listing Agent. Also have several agents do "Comps", a report on similar properties for sale.
1. Sell the property for cash.
2. Do an installment sale with a down payment under 29%. You carry back the first mortgage, and ask for 6% interest on your loan.
3. Do a 1031 exchange, trading the proceeds for another property.
When I wanted to sell a small property I got 3 Broker Price Opinions, Market value around $540,000. I than ran an ad, FOR SALE BY OWNER. Owner financing to qualified buyer. LOW DOWN PAYMENT with EASY TERMs. MY phone rang off the hook non stop for 3 days.
The offers came in. $550,000. $575,000. $600,000 and more.
Since I did not have to pay any commission and I was getting over market price, I saved a bunch of fee's.
I knew what to put in the contract and had an escrow company and title company help with the paper work. --47.156.xx.xx
So how to sell (by Ken [NY]) Posted on: Jul 2, 2022 6:39 PM
This is a good time but things will be slowing down so you want to get going with it.Contact a good agent and get it listed,not necessarily your friend who just got licensed but a top agent who knows what they are doing.They will help you get it priced and it should sell quickly still --74.77.xx.xx
So how to sell (by plenty [MO]) Posted on: Jul 2, 2022 6:47 PM
Talk to three agents you'll know who is shooting you right. Screen them! --172.56.xx.xxx
So how to sell (by Jim in O C [CA]) Posted on: Jul 2, 2022 7:50 PM
Find a CPA that is knowledgeable in real estate taxes. You could make some million dollar mistakes that you canít undo. --99.23.xxx.x
So how to sell (by Arron [MA]) Posted on: Jul 2, 2022 7:56 PM
"over 30 years",
and ya never gave much thought about
how you would someday sell, 7 properties.
I aint buying it" ! --
Really RB you think he's lying?
I too am about the same boat, .a litle bit more than 30 years,
all my properties have long been paid off and they provide a pretty good income.and my thoughts were to pass the whole thing off to my kid. but he wants nothing to do with RE. We had a bit of falling out over this, but He makes plenty of money at his profession and sees the hassles I constantly deal with.Hes satisfied with his life and has never been greedy.
Wife passed away a few years ago and I don't really have any relatives that I care to give a couple of million dollars assets to. So yeah, I also haven't had much of an exit plan, I guess I was planning to live forever. I have a few charities I would like to support with the proceeds --66.30.xx.xxx
So how to sell (by RB [TN]) Posted on: Jul 2, 2022 9:04 PM
Sounds like you've been thinking about it. (selling)
Good for you. --24.183.xxx.xxx
So how to sell (by DJ [VA]) Posted on: Jul 2, 2022 9:11 PM
I also recommend you get at least 3 realtors to give you comps.
A duplex is still in the realm of residential real estate, so no need for a commercial broker.
The warnings about tax implications are quite valid.
One way you might consider minimizing that is by seller financing. You might find another investor to be very interested in that. Of course, you can get top dollar in that case, and be sure to check out their level of experience in detail.
Dig out your rental agreements with the residents & review them for what they say regarding giving notice to enter for inspections or to show potential buyers.
I think the decent thing to do - especially for good tenants - is to tell them what is happening. Re-assure them that their lease goes along with the sale, and all the terms stay the same until it ends. Explain to them that they will get the required notice IF they are asked to leave by the new owner, but as good tenants, they may be asked to stay.
I have found honest communication to be very helpful, or else the tenants may be scared because they don't know what to expect - and could possibly try to put a monkey-wrench in the deal. It has worked well for me when buying and selling occupied property in the past. --68.229.xxx.xxx
So how to sell (by Allym [NJ]) Posted on: Jul 2, 2022 10:05 PM
You can have just one agent. If he can sell it before it hits the multiple listing book if you give him exclusive agent status you won't have such a mess and he will work hard to get that done. Yes they may low ball it to get a quick sale. You can say no to any offer. Here in NJ anything sells people bailed out of NY. --108.24.xx.xx
So how to sell (by Robert,OntarioCanada [ON]) Posted on: Jul 2, 2022 11:45 PM
Look at advertising on websites where a duplex could be converted to a single family as the buyer may not rental units. A vendor take back mortgage where charge a decent interest rate to make up any lower offer. Even running ads in the newspaper may bring some results. Always only accept a decent down payment if taking a vendor take back mortgage where the person must have equity. Zero down payment is not acceptable. The norm here is at least 20 per cent down payment. --216.110.xxx.xxx
So how to sell (by MikeA [TX]) Posted on: Jul 3, 2022 12:00 AM
If you want the best unbiased view of value then call an appraiser and pay the $3-500 to have them give you a fair market appraisal. I would never trust a RE agent's value. To give you an idea I sold a property 1.5 years ago the agent used the MLS software where the data was entered into their system and it spit out a value. It was almost 20% lower than what I sold it for. The only thing I used that report for was the section on comparable sales in the neighborhood over the last 90 days. I found the 2-3 closest properties in condition, location, and amenities and then used the price per square foot to set my price.
The other benefit of having an appraisal in-hand is that you can provide it to the buyer so they have an unbiased view of the value, it cuts down on the haggle significantly and may aid them in getting financing.
As others have said, look into the tax consequences. You can also cut down on buyers traipsing through the properties by requiring proof of ability to fund the transaction prior to showing. --209.205.xxx.xx
So how to sell (by Vee [OH]) Posted on: Jul 3, 2022 10:07 AM
I am going against the grain - sell the large one first, if you made a mistake the residuals will hold you longer. --76.190.xxx.xxx
So how to sell (by tryan [MA]) Posted on: Jul 3, 2022 11:49 AM
I have been playing the waiting game with a S8 tenant since 1996 .... when rates started creeping up, I told my realtor "Sell it with Grandma in it". Looks like I'll be taking a 20% hit because it's not vacant.
I figure take the discount now or when the market cools. --206.84.xx.xxx
So how to sell (by Frank [NJ]) Posted on: Jul 3, 2022 3:18 PM
I concur w/Mike (TX). Get the appraisal...First.
The agents are built to either goad you into cheap price so they get to sell wuik, or 'sky-hook' you with a too high price, that puts stars in your eyes or s.oke own someplace lower and the beat you down in 4 to 6 weeks.
The knowledge gsined from sn apprsisal, edpecially for a newbie Seller of great vue --174.206.xxx.xxx
So how to sell (by Hoosier [IN]) Posted on: Jul 3, 2022 6:18 PM
I agree with many of the comments, especially about taxes. We sold two this year via an agent. We could sell one more small one and stay in a reasonable tax bracket...so one strategy might be to spread the sales over about 3-4 years...talk to a CPA.
I don't know much about carrying the financing...such as what if the person doesn't pay and you have to foreclose? I'm sure many on here know all the tricks, but that sounds messy to me.
We evicted tenants in one rental, and the others moved out on their own, so ours were both empty when we sold them. --99.92.xxx.xxx
So how to sell (by Rudy [NY]) Posted on: Jul 3, 2022 10:20 PM
I may be interested depending where they are located in NY. --24.168.xxx.xxx
So how to sell (by Ray-N-Pa [PA]) Posted on: Jul 5, 2022 8:54 AM
I would sell them a as bundle using Loopnet or CREXI. Before hiring someone, I would try it myself. That said, you will get lots of tire kickers so there is some value in using a realtor that specializes in commercial real estate. That would be my first question that I would ask - what is your back ground and please include the last commercial place you sold with results. --24.101.xxx.xxx
So how to sell (by Mike45 [NV]) Posted on: Jul 5, 2022 8:05 PM
I would first select an agent. Drive around and look for the agents with the most "for sale" signs in the neighborhood. Then, interview a couple of agents -- get a Competitive Market Analysis from each of them, discuss marketing plans, and decide who you feel will do the best job. My preferred agent is warm and fuzzy, because I hope she will offset my somewhat abrupt and sharp personality. I don't care if she seeks to commiserate with her co-operating agent about what a jerk I am, if it helps get the job done! Find an agent who works for your particular situation.
And do not hide the fact that you intend to sell several properties, to help you negotiate a good deal with your agent. I don't try to negotiate a lower commission rate -- the agent earn their 5 or 6% (divided many ways!) But various fees and the length of the listing are good things to work on. And I sometimes carve out a potential buyer from the Exclusivity clause -- especially the existing tenant!
In this market, the listing agent really does little more than list the property on Multiple and then deal with offers and counter-offers. Lottery Ticket giveaways to induce other agents to bring in clients, Agent Open Houses with donuts and coffee, etc., all those are things of the past. So I don't really know what to think about "marketing plans."
I would take my time in selling off properties. I would list for sale whichever house becomes vacant next. I would fix it up as if I were going to rent it out, but instead would list it for sale. Once that is sold, I would take the next vacancy and list it. Until they are all gone. Of course, if the market collapses, this will be re-considered!
That is just how I would do things. One at a time, as they become available. --76.4.xxx.xxx
So how to sell (by Tony [NJ]) Posted on: Jul 7, 2022 3:02 PM
best advice is from Ken. I've sold 2, and will sell the rest this year.
It's the best time - record high prices, relatively low capital gains taxes won't go any lower. --67.52.xx.xxx
So how to sell (by bet [MA]) Posted on: Jul 11, 2022 9:47 AM
After 20 yrs we sold 7 two family houses, in 3 yrs. I recommend getting rid of your smaller properties 1st. Go on zillow there is a spot to "find a realtor" look at local sales for top agents in your area. In the process of selling 7 houses we went thru a number of Re agents. Best advice is to find the top selling agent in the area, which we did. Make sure their are using drone photography for your listings. Next do your home work on the Capital gains taxes. We reinvested all sales proceeds back into real estate. Its heartbreaking waiting 20 yrs for RE values to finally go up and see the houses we already sold, continue to go up, but the real estate we bought also went up in value. Also we sold 2 unit properties and bought single family houses cash. Also consider staggering the sales. Like sell one or 2 houses a yr. --68.66.xxx.xx
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