Landlords I have been downsizing my LL business. I am planning to sell off my final building next spring potentially. I have had a vacancy since May. I have not had much interest but received an application last week. Applicant credit is so so but what concerns me is a slip and fall lawsuit on a local business a few years ago (does not appear to be Landlord). Income and references look okay. Applicant claims they are selling a house. Again I am considering selling this property next spring, but would like it rented for the colder months coming. Again not getting much response and this is the best so so application so far. Any advice on how to proceed?

Join the club. Have had a vacancy since March, but in all honesty, it wasn't up to speed until May since we have a bunch of other projects going. 99% of the inquirers have been the absolute dregs. At some point, personal responsibility has to come back in style. I would keep it vacant through the winter if needs must instead of renting it to a would be squatter, then sell in the spring.

No vote on a slip and fall. Shows litigiousness.

Keep the place open. Then rehab it nice and pretty. Then you have the perfect demo of what the other units could look like.

You "need" to know, selling a multi-unit with vacancies is a PLUS to the buyer. They can ask what ever rent they want and place "their" type of tenant themselves.

I had two sister buildings next to one another. The owners parents died and lift one building to their adult son, and the other building to their daughter.

Since one building was owned by the son, an investor, not a landlord, the building was in terrible condition. While the building next door owned by the sister. She was a landlord and tried to do too much too soon on limited funds.

After buying them, I fixed up the sisters building and moved all tenants from the brothers building over-- so I could re-hab that building all at once. New windows, texture coating, roof, new electrical, plumbings etc.

When I was done, I had the sisters building rented out completely for 1 year, getting close to market rents. The brothers building was made over with no tenants.

Both 7 units. The rented out building net income was $125K. I put both buildings up for sale after owning them 1 year, so I'd have long term capital gains tax. That property sold for $1.25M.

The brothers vacant building was listed for $1.75M, $500,000 more than the occupied property. I had a bidding was and it sold for more, $1.875M.

Sued a business where they fell - No go! That's enough

Also curious: why sell your house to become a tenant?

NO- better to keep it empty or sell it now if you can't carry it through the winter

Absolutely not! He sued over a slip and fall? If he is in your place over the winter, he has plenty of time to slip and fall on the ice and to file a slip and fall lawsuit against you. You won't be able to sell your place at all if it is embroiled in a lawsuit.

Tonia,

An applicant who knows how to sue a LL? NO WAY!

And why wait to sell?

I'm using a realtor at 1% list plus 1% if he sells it. 2% for other buyer's agents. 6% is dead.

Tonia,

All real estate is LOCAL.

Local markets, laws, city boards, job market, taxes, inspectors, housing prices, etc all affect RE, especially LLing.

LLing is not always a good business in every city

AND at every time.

I'm selling several right now because things have shifted - local prices are high, buyers are still buying, I need 50 applications to find 1 good resident, and personally Wifey and I both recently recovered from cancer surgery. We're spending our kids' inheritance!

BRAD

Mike Butler's application ask - who is your attorney? That is a trick question for many.

Brad, way to go on spending the inheritance!

I have long believed that if we did the right things raising our kids they shouldn't need our money.

Helping them out while we are still alive makes us feel good. After we pass I am guessing it won't be as much of a thrill for us.