Two paths of OMG this place is now a total re-hab. So you want to buy a property or 3 to use as rentals? Here’s what is going on for some owners right now. While the COVID market is crazy some owners that have held their property for 5 plus years and have had a nice ride while the tenant is paying the mortgage, woo hoooo! Now, these properties are getting let’s say a little tired looking inside and out. Great, it’s time to sell instead of doing repairs, like a new roof, re-hab kitchen, and baths. How about the electrical and plumbing? Whoops, what about the a/c? These properties can be sold “as-is” for the right price. I’ll have 4 left in my inventory of listings and more coming. In the last few months I have worked with several Seller’s that are out of the U.S. The properties move fairly quick.
Let’s just say that the owner while squeaking by just to pay the mortgage, wasn’t the best at fixing issues for the tenants. Most tenants don’t have time or $$ to take care of someone else’s house. Or am I wrong do most tenants feel ownership? Hopefully they at least provided a 4 legged pest free environment. Don’t get me wrong there plenty of great landlords.
The balance between fixing issues with a home that you don’t have a personal relationship with and just collecting the rents.
Oh but wait!!! What happens to the tenant that has called this place home? While selling a home with a tenant inside, they have their rights. No one is going to throw them out, many times the lease is finished out. Also, many times the new buyer is happy that they already have a tenant. I always like to ask if the tenant would like to buy the home, they can always be referred to a mortgage lender or bank. The facts are most of the tenants move forward either to a new rental or they buy. In either case the rates are quite nice now and there are several programs suited for new buyers.
Look at this from the National Association of Realtor’s, just posted;
While the national eviction moratorium, in effect until the end of the year, protects renters in the short term, it leaves both property owners and renters financially vulnerable without the inclusion of rental assistance, Megan Booth, NAR’s director of federal housing and policy, explains in this week’s “Pivot in Place” video. NAR and other housing groups sent a stark warning to Congress this month, saying inaction on rental assistance could lead to “the greatest rental housing crisis of our lifetime.
Would you like to be an Owner or a Tenant? Enough said.
As always Selling or Buying a home please use a trusted professional Realtor! At watson Realty Corp we love to work with our RELO’S, Sellers and Buyers.