 Selling w/tenants in plac (by FabricGal [CA]) Jul 22, 2024 6:44 PM
 Selling w/tenants in plac (by GKARL [PA]) Jul 22, 2024 7:05 PM
Selling w/tenants in plac (by Ken [NY]) Jul 22, 2024 7:10 PM
Selling w/tenants in plac (by Ray-N-Pa [PA]) Jul 22, 2024 8:21 PM
Selling w/tenants in plac (by Sisco [MO]) Jul 22, 2024 9:15 PM
Selling w/tenants in plac (by CDM [CA]) Jul 23, 2024 12:19 AM
Selling w/tenants in plac (by FabricGal [CA]) Jul 23, 2024 12:42 AM
Selling w/tenants in plac (by FabricGal [CA]) Jul 23, 2024 12:42 AM
Selling w/tenants in plac (by Ray-N-Pa [PA]) Jul 23, 2024 6:46 AM
Selling w/tenants in plac (by Jim [CA]) Jul 23, 2024 3:31 PM
Selling w/tenants in plac (by Phil [OR]) Jul 23, 2024 4:11 PM
Selling w/tenants in plac (by zero [IN]) Jul 23, 2024 4:23 PM
Selling w/tenants in plac (by FabricGal [CA]) Posted on: Jul 22, 2024 6:44 PM
Message:
Hubby and I are meeting with a realtor later this week.
What specific wording might we use in our Notice to the tenants, telling them we're selling the place and we'll be terminating their tenancy as of (insert a date).
Do we need to give a reason why we're selling? I don't think so, but one of the tenants is petulant and has a mental/physical disorder. Giving a reason such as our aging and increased health concerns might be a bit more acceptable, instead of "we're selling, go away now."
We're also going to include that the realtor will give 24-hour notice to show the place.
Am I missing or overlooking something? This is a SFH is a suburb of San Diego County.
TIA!
--68.101.xxx.xx |
Selling w/tenants in plac (by GKARL [PA]) Posted on: Jul 22, 2024 7:05 PM
Message:
Based on what you've indicated, I'd terminate the tenancy prior to selling. If they're problematic, they can do all sorts of things to mess up the sale. --172.56.xxx.xx |
Selling w/tenants in plac (by Ken [NY]) Posted on: Jul 22, 2024 7:10 PM
Message:
I would kick them out and spruce the place up before listing.Buyers wont be willing to deal with it themselves and probably couldnt get a mortgage as owner occupied with a tenant in place --74.77.xx.xx |
Selling w/tenants in plac (by Ray-N-Pa [PA]) Posted on: Jul 22, 2024 8:21 PM
Message:
Fab,
From what I recall you were not that far from where I had my rentals out in Rancho San Diego/La Mesa area. So a SFH might be a TAD under seven figures no a days. So what does a $800,000 house rent for in San Diego? $3,000-4,000. How many folks are going to put down $600,000 so they can get the enjoyment of having tenants.
Ask others on here, if you can buy some oft hem out instead. At this point in the real estate cycle out there, don't think rental - think cash out or 1031.
Someone like DJ, Brad or Ken can help you out maybe with selling out a chunk of their portfolios. --24.101.xxx.xxx |
Selling w/tenants in plac (by Sisco [MO]) Posted on: Jul 22, 2024 9:15 PM
Message:
What are the terms in your lease? When does it expire? If you have a lease in place that terms out next May, you can’t terminate the lease at your whim.
You will need to wait and non renew.
If you have a month to month, give them 30 days written notice of non renewal. No reason’s needed. --149.76.xxx.x |
Selling w/tenants in plac (by CDM [CA]) Posted on: Jul 23, 2024 12:19 AM
Message:
If they have been MTM tenants for more than a year, you need to give 60 days notice, not 30. I am not familiar with the new laws in California about when you can and can't terminate a lease, but you should read up on the allowable conditions before you do anything. --98.210.xx.xxx |
Selling w/tenants in plac (by FabricGal [CA]) Posted on: Jul 23, 2024 12:42 AM
Message:
Thanks for the info everyone!
Ray, yes I am more on the La Mesa side than the Rancho San Diego side.
To clarify, this is not an owner occupied single-family house. The tenants are on a month-to-month rental agreement.
Because there are so many new laws in my little corner of the world, and many of the new laws favor tenants, I’m going to consult with an attorney who is skilled in this area.
Thanks again! --99.117.xxx.xx |
Selling w/tenants in plac (by FabricGal [CA]) Posted on: Jul 23, 2024 12:42 AM
Message:
Thanks for the info everyone!
Ray, yes I am more on the La Mesa side than the Rancho San Diego side.
To clarify, this is not an owner occupied single-family house. The tenants are on a month-to-month rental agreement.
Because there are so many new laws in my little corner of the world, and many of the new laws favor tenants, I’m going to consult with an attorney who is skilled in this area.
Thanks again! --99.117.xxx.xx |
Selling w/tenants in plac (by Ray-N-Pa [PA]) Posted on: Jul 23, 2024 6:46 AM
Message:
That is a nice solid area about 20 years ago so selling should not be an issue. Your timing is awesome!!!!! i believe that area is up about 8-10% year over year.
So I would capitalize it with some fresh paint and that extra $100,000. Your mileage may vary though. How long does it take to paint it out and get rid of the tenant? You might need not collect $6-8K in rents but that you can make up much of that with a rapid sale.
--24.101.xxx.xxx |
Selling w/tenants in plac (by Jim [CA]) Posted on: Jul 23, 2024 3:31 PM
Message:
I forgot the name of it, but do your buyer a favor and give them a rundown of security deposit paid by the tenant and all Property at the at the home which belongs to the future Landlord. Estoppel! --169.150.xxx.x |
Selling w/tenants in plac (by Phil [OR]) Posted on: Jul 23, 2024 4:11 PM
Message:
I would think that you would have a much easier time selling with out a tenant. SFH will most likely attract owner occupied buyer.....and they don't want ANYTHING to do with tenants. Ask your realtor. --76.138.xxx.xxx |
Selling w/tenants in plac (by zero [IN]) Posted on: Jul 23, 2024 4:23 PM
Message:
I am considering selling a SFH that I just moved people from an apartment into.
If the deal works out I will keep them in there. I will be selling on contract to another investor. Most likely I will not charge interest, just a large monthly payment to drag out the sale. I will only do this if he agrees to more than I can get selling it outright. --107.147.xx.xx |
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