Selling a Rental House Now
The local moratorium on evictions over the last couple months has made me think about selling a rental house now. I own three rental houses, and the tenants in two of them have all been working throughout the Covid-19 pandemic. They have kept current on their monthly rent. But the tenants in the other house were already behind in their rent, and now they are three months in arrears.
Requiring landlords to allow tenants to remain in their rental houses, apartments and condos was a favor to their tenants, but it has created problems for landlords across the country. Many property owners evicted tenants who failed to pay their rent, in spite of local moratoriums on eviction.
I couldn’t bring myself to evict my tenants for non-payment, because the municipal courts are not open and hearing eviction cases now. And there’s no way to know exactly when the local courts will begin normal operations again. So, I would be evicting them illegally, just as many other landlords are choosing to do.
Liquidate My House Now
One of my options is to liquidate my house now before the moratorium on evictions is lifted and municipal courts resume hearings. If I am no longer the owner of the property, I will not have to deal with the back rent or ongoing non-payment problems.
This option is looking more and more favorable for me. A new property owner will not hesitate to do what needs to be done to collect the monthly rent, especially if that owner is a seasoned real estate investor and experienced in dealing with non-paying tenants. They will not have any history of relationship with the tenants when they take over the rental house and the tenants at closing, making it easier to manage an eviction.
Selling to a Real Estate Investor
There’s a difference between real estate investors who are in the day-to-day business of buying, selling and renting residential real estate, and someone like me. I work a fulltime job and have three rental houses on the side. Fulltime investors generally don’t work other jobs, and often hire employees and contractors to work for them.
We Pay Fast is a team of investors who buy, sell and rent houses as a day-to-day business operation. And they have been doing it for decades, so they have a lot of experience with tenants. I can call them at 405-521-1807 or email [email protected] to discuss selling a rental house with tenants who are behind in their rent. It won’t be the first time they have dealt with the situation.
Assuming they are interested, and we come to an agreement on the sale price, We Pay Fast can close our transaction in as little as a week. That way, they will be dealing with my non-paying tenants while I am depositing my equity check in the bank.