In theory, a rental property is an easy way to make a lucrative investment. Whether you purchased or inherited a rental property, it will help you to consistently earn income from your tenants. Until it doesn’t. For some rental property owners, there eventually comes a time when the property is not worth your time or money. Whether this is due to the declining return or the difficulties of maintaining the property, chances are you will not have the time and/or money to hire a realtor. In situations like these, Atlantic Shores Home Buyers is willing to purchase your rental property, regardless of the damage or condition. Read on to find out some definite signs that it’s time to get an offer from a fast cash homebuyer.
7 Signs its Time to Sell Your Rental Property
1. It’s in a Bad Neighborhood
Depending on the amount of time that has passed since you acquired the property, it’s a distinct possibility that the state of the neighborhood has changed for the worse. Crime rates, average income levels and more are often determining factors in the safety rating of your neighborhood. If the appeal of the neighborhood has decreased, then your tenants may not continue to pay the same rent. They also might move out altogether. If this happens, and nobody fills that void, then it is certainly time to sell your rental property. Regardless of the condition of your neighborhood, we are a Long Island homebuyer willing to purchase your home.
2. There’s Issues With Tenants
Bad tenants can make for a miserable landlord experience. Whether you have destructive college students or tenants who neglect to pay their bills, the financial (and mental) costs of dealing with bad tenants is high. In extreme cases, tenants who fail to report major house problems are even worse. Without violating the terms of your lease agreement, selling your rental property for cash is a hassle-free solution to dealing with tenant issues.
3. Earn Quick Cash
Unexpected expenses are burdensome for everyone. Significant mortgage payments, a car repair bill or an emergency surgery may require immediate funding. Similarly, loss of employment might force you to abandon the steady income stream that a rental property provides for the lump sum payment that selling a home provides.
The cash earned from selling your rental property can solve your problems quickly and easily. We are a fast cash homebuyer that will purchase any property, regardless of the conditions. Contact us for a no-obligation offer on your rental property.
4. The House is Falling Apart
A home with outdated appliances, old countertops and plumbing issues is undesirable for almost all tenants. Similarly, a rental property with flood or foundation damage will require an investment just to continue renting it to other people. Landlords who lack the skill and/or time to perform these repairs must hire a contractor. Selling your rental property to a Long Island homebuyer will allow you to capitalize on your property, and move on.
5. Stop Having to Manage Property and Tenants
Owning property is quite the burden. Landlords are required to communicate with tenants, perform repairs, collect rent, and much more. For some people, this busy lifestyle can quickly become too stressful. Selling your home for cash will relieve you of this burden, and help you to focus your energy toward other priorities.
It can also be difficult to manage a property when you are living far away or out of state. The same challenges mentioned above apply here– if the stress or cost is not worth the return, then it may be time to sell your rental property.
6. Stop Paying Property Taxes
As all Long Island homeowners are aware, property taxes are a hefty cost. Even if your monthly return is greater than your monthly property tax cost, the minimal profit may not be worthwhile considering the steep investment. If you are paying far more than you think you should be for property taxes on your rental property, then it’s high time to sell to a fast cash homebuyer.
7. Avoid Liability Lawsuits
Even the most thorough lease/rental agreements sometimes have loopholes. With a substantial lawsuit against you, there is a possibility you may not be able to afford the entire payment. Without another major source of income, you may be forced to sell your rental property to make these payments, and prevent similar instances in the future.
The costs of owning a rental property are quite steep. Aside from consuming a large portion of your time, landlords must consider the costs of maintenance, insurance and renovations. Atlantic Shores is willing to purchase any rental property, regardless of the damage that may be present. Contact us today for a no-obligation offer.