Selling an investment property
Are you tired of managing your investment property? Maybe expenses have gone up so much it just isn't worth the work anymore.
If you're thinkning about selling your investment property in Austin here are a few things you can do to make the sale very profitable and at the same time smooth.
These are specific to investment property and the same advice applies for normal property sales of:
- Spruce the place up a bit
- Fix any glaring issues
- Make sure you have a great first impression
- Get professional photography taken
Items that only apply to investment property are:
- Talk with your tenants before the sale. Assure them that their lease is good and make sure they'll cooperate with showings. If not, it may be time to non renew the lease. Do not let this cost you money!
- Do not renew leases. Let your leases stay month to month if possible. You need to give the buyers the most flexibility possible if you're aiming for the highest price.
- Consider non renewing all tenants and getting the property ready for sale vacant. Residential properties are not valued mainly on income. If you have a multi unit consider leaving one occupied, but again, if you can leave it with a month to month lease this is the best situation.
People love investing in real estate because they have control. Remember that long leases may sound good to you as a landlord but a new buyer may want the control to do what they want with the property!
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