Techniques for marketing and selling a rental property with an existing tenant

Being a landlord offers an opportunity to generate additional income, but challenges can arise when dealing with tenants. Neglectful maintenance practices, such as inadequate care of the property or causing damage to essential elements like septic tanks and air conditioning, can create additional expenses and strain on your investment. Managing rental properties requires significant effort, and not everyone finds it fulfilling. We frequently engage in conversations with property owners seeking to convert their investment property into liquid assets, thereby eliminating the hassle of tenant management. To address their inquiries, we have compiled a list of commonly asked questions regarding selling a house with tenants. If you have any further inquiries or would like to explore the possibility of selling your rental property to us, please don’t hesitate to contact us.

Is it possible to sell a rental property while the tenants are still residing in it?

Certainly, you have the option to sell your rental property while the tenants are still occupying it. At Jeremiah Buys, we specialize in purchasing rental properties and having tenants in place is not a hindrance for us. If your tenants are reliable and responsible, we would be more than willing to continue the tenancy. We understand the challenges of presenting a property with tenants, as they may not assist with staging or cooperate fully during inspections. However, these factors do not pose an issue for us. Our evaluation process typically involves a quick 5-minute inspection, focusing on the main structure and mechanical aspects of the house. Furthermore, we can provide you with a preliminary offer range over the phone, minimizing any disruption to your tenants unless we are in a position to meet your desired price.

What if the tenants are problematic?

While our preference is to have good tenants, we are still willing to purchase a house with problematic tenants. We have expertise in the eviction process and handling repairs for any damages caused by such tenants. If you would like us to handle this situation, you have the option to sell your rental property to us with the existing tenant in place, and we will assume responsibility for addressing this issue.

What if I want to ensure that my tenants are unaware of my intention to sell?

We acknowledge the sensitivity of informing your tenants about your intention to sell the property. Typically, we can determine our ability to meet your price expectations before conducting a physical inspection. Through an initial phone conversation, we will gather detailed information about the property’s condition and conduct comprehensive research, enabling us to provide you with an estimated cash offer. This approach ensures that we proceed with an on-site inspection only when we are close to finalizing a potential deal. During the property inspection, we place great importance on discretion and maintaining confidentiality.

Can a house be sold while there are active Section 8 tenants residing in it?

Yes, Jeremiah Buys welcomes the opportunity to purchase your house, even if it currently has Section 8 tenants. We possess considerable expertise in managing Section 8 tenancies and have no reservations about acquiring investment properties with such occupants. Our procedure involves contacting the city to take over the voucher and establishing a productive relationship with the tenant. In instances where tenants pose challenges, we proactively work towards resolving issues and, if required, initiate the eviction process. Conversely, if the tenants demonstrate responsible conduct, we are pleased to retain them as tenants subsequent to the property transaction.

Can I proceed with selling the investment property if the house is currently vacant?

Even if your tenants have departed and the property is unoccupied, we are still eager to buy it. We have experience acquiring rental properties that have remained vacant for extended durations, even in cases where previous tenants have caused damage. Our goal is to restore these properties and make them ready for new tenants. Since we purchase houses in their present condition (As Is), any existing damage poses no obstacle for us, allowing you to proceed with the sale.

Is it possible to sell a Duplex, 4 Plex, or larger multifamily property?

Our company specializes in buying a diverse range of multifamily properties, spanning from Duplexes and Triplexes to Fourplexes and even larger properties of up to 40 units. We have no reservations when it comes to the tenant mix or the presence of vacancies. By selling your multifamily or apartment building directly to us, you can enjoy the convenience of a cash transaction, with the property being acquired in its existing state (As Is). We encourage you to contact us, so we can engage in a detailed conversation about your property and formulate a compelling cash offer.

What is the timeframe for selling a rental property?

As cash home buyers, we eliminate the need to wait for bank approvals and inspections. Consequently, we can swiftly make buying decisions and close the deal as soon as the title is clear. Selling your house fast is our priority, with some transactions finalizing in as little as 14 days, provided the title is clean. On average, the process takes around 21 days, ensuring a prompt and efficient sale.

Are you prepared to sell your investment property?

If the idea of selling your investment property has captured your attention, we invite you to reach out to Jeremiah Buys. Our aim is to have an open dialogue about how we can simplify and enhance the profitability of this endeavor for you. Whether your rental property is occupied or vacant, we are actively purchasing properties throughout Louisiana, with a particular emphasis on the vibrant market of Greater New Orleans.