Do you have a rental property in Salt Lake City? Do you have tenants that are still in the house? Are you tired of being a landlord and getting those late night calls that the water pipe burst in the kitchen? Being a landlord can be a troublesome, yet fulfilling task. Therefore, if it has become more daunting and less fulfilling lately, maybe you are looking for a way out. Let’s walk through where you can go with your investment property. Further, we buy houses with tenants in Salt Lake City, and we share about what your options are.
Wait for the Lease to Expire
Well, this seems like a cop-out. The main issue with a rental property with tenants is these people could be, as are you, legally bound to stay in the home. Therefore, unless you wrote within the contract that you could evict them for purposes of selling, you may be stuck with the house until the contract says so. However, there are some pros as well as cons to allowing them to stay for just a little longer.
PROS
Helps Pay the Mortgage Just a Little Bit More
Too, this is the most beneficial portion of having them in the home. So, they are still paying the mortgage and most likely, you are still making some money from the property.
Updates Can be Done with the Tenant
Equally important, maybe you have a great relationship with the tenants, and they would be willing to help. Further, you can ask them if you can pay them to paint or do some upgrades. Or even better, offer them some pay relief on their monthly rent to just help you update the home.
CONS
You Still Have the House
Sorry, the house is still in your possession, which means those calls could still happen. Therefore, your schedule could still get crammed by having to go and fix an A/C unit that just isn’t working.
Sell the House with the Tenants in the House
That can be a little bit of a scary thing to do. These situations can be unique. Further, maybe when you tell the tenants you are going to sell, they say, “Can we just leave then?” That can very well happen and would help with the third option. But, let's say they want to stay in the home when you sell it. Well, here are some pros and cons of selling your house in Salt Lake City with tenants in it still.
PROS
Makes a Smooth Transition for Investors
True, if the person who wants to buy your home is an investor, they are thrilled to have someone already living it. So, this is half the battle for them, and you have already fought it. Further, they don’t need to go out and find a person to move in.
You Don’t Need to Furnish It for Showings
Someone already has done that, and they are actually living in the space. Also, this makes for an extremely nice home vibe if the tenants are willing to keep the house clean for showings.
CONS
Angry Tenants Can Make It Difficult to Work with for Showings
Lastly, if the tenants are not happy with you, they can make it extremely difficult to sell. Therefore, they may just leave the house filthy for showings, which makes the house more difficult to sell.
Review the Lease Agreement
Review the lease agreement and see if there is an early termination clause. If so, have they violated the lease in some way (late rent, etc…)? If they have, you can send them packing and sell the home to someone. This leads to us, we buy houses with tenants. We will buy your house for cash, and you can have that property off of your hands in 7 days. Call us today, and we will buy your house with tenants in Salt Lake City today.
