Being a landlord is hard. Especially when you don’t even want to be one. If you, or someone you know are in a similar situation; managing a home you don’t care to have, but think it will be too expensive and time consuming to fix up to sell, then I’ve got a story for you.
On my first episode of Residential Rescue I interview Sari, a client I bought a home from a little over a year ago. Sari was living in this property before she bought a home with her husband, but following this, wanted to sell it to avoid having two mortgages. One big problem was that her tenants were some of her very good friends, who loved her place, especially the price. They all knew it would be close to impossible to get as big as a space with that budget. The tenants wanted to stay, and Sari didn’t want to be the reason they couldn’t.
Another big issue was that the house was out of shape, and definitely needed a lot of tender love and care. Sari thought there was no way she had the time or the money to give the home what it needed to sell, especially for the price she wanted.
Sari went through other options before we found each other. She spoke to a team who was interested in buying the home and flipping it for her, but they were uninterested in keeping the current tenants in place during this process. They believed it would serve more as an inconvenience to them. They also did not want to give Sari the price she wanted.
Finally when Sari got in contact with me, all the pressure eased off. The entire process took about a week and Sari exclaimed she was shocked at how easy it all was. She was expecting endless streams of meetings and long courses of paperwork filled with real estate jargon. Instead, we had a few meetings to discuss her wants and ideas, and then to elaborate how we could make that happen.
We were able to deal with all of the repairs and maintenance the home needed, give Sari more than the price she was asking for, AND keep her current tenants in place. It was a win-win-win. When we asked Sari if she had any tips for people in her situation she explained the importance of keeping up with your property. When something is broken, fix it. If something needs to be painted, do it. It’s important to stay on top of your property’s needs so the entire process doesn’t seem so overwhelming.
Moral of the story is that we’re here to help. There is always a solution to every real estate problem, you just need the right people to work through it with. If you or someone you know is in a similar situation and you’re feeling stuck, please don’t hesitate to reach out. We’ll come straight to the rescue!
Social: Are you tired of tenants, but feel stuck? Head over to my latest blog to find out how you can get out of your sticky situation.
Email: Sick of being a landlord, but feel like it’s too much work to sell? Take a look at my latest blog post to figure out how to get unstuck.