Selling Rental Property With Tenants in Portland and Vancouver

November 16, 2017 • Jason

Can I sell my rental property with tenants in it?

A house with a tree and driveway. Selling Rental Property With Tenants in Portland and Vancouver

Short answer – yes. Selling rental property with tenants in Portland and Vancouver is quite common and many landlords are faced with the decision to sell whether they like it or not. It can be a confusing procedure as your decision to sell affects one (or more) people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. Dealing with tax implications, or evictions, can be very stressful for a landlord. In this article, we’ll also look at tenants’ rights when selling rental property with tenants in Portland and Vancouver and how can a landlord show a house while occupied. So here’s how to sell a rental property with tenants in it.

Selling rental property with tenants in Portland and Vancouver

I understand that not many can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in Portland and Vancouver is definitely possible – however, a clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:

  • Wait until the lease runs out.
  • Sell with an active lease

This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.

  • Cash-for-keys method

You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.

  • Sell to the tenant

In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested.

  • Send an early termination notice

Depending on the state, these notices need to be sent out a month or two months in advance to give your tenant enough time to find a new home. If your tenant violated any parts of the rental contract, you can terminate their lease instantly.

House viewings while renting out the house

Vintage books stacked on a shelf. Selling Rental Property With Tenants in Portland and Vancouver

Can a landlord show a house while occupied?

Here’s how to handle house viewings while your tenants still live in the property:

  • Communicate all dates and times with the tenant
  • You must get consent at least 24 hours in advance
  • All communication must be done in writing
  • You must not take photographs of the property and personal belongings without the tenant’s consent

Please note that your tenant is legally allowed to refuse viewings or visits for an agent if they do not agree with the times of the viewing. To avoid legal issues, you must respect their decisions and act accordingly. A tenant has as many, if not more, rights as the landlord when it comes to selling rental property with tenants in Portland and Vancouver.

Tenant’s rights when selling rental property

Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a legal landlord, you should always be clear of all tenant’s rights when selling rental property with tenants in Portland and Vancouver.

  • 60-day notice is required to be given to the tenant once the landlord decides to sell the property.
  • 14-day notice is required to be given to the tenant before a first viewing is scheduled.
  • The tenant needs to be aware of all dates and times of viewings.

Unless the tenant gives their consent,

  • You must not enter the property before 8am or after 8pm.
  • Schedule an appointment on a Sunday or holiday.
  • You are not allowed to take photos of the tenant’s personal property.
  • You must not put up the ‘for sale’ sign.
  • You must not hold an auction on the site.

What happens if a tenant is uncooperative?

A man with his arms stretched out against a window with sunset in the background. Selling Rental Property With Tenants in Portland and Vancouver

If the tenant refuses house viewings, you must arrange a time that’s best suitable for them. If they are refusing to communicate, you can apply to the court.

If a tenant refuses to leave the premises, see the cash-to-keys method I mentioned earlier or try the eviction process. Your other option is to evict the tenant.

So how do you evict a tenant?

  • Give notice.

You are legally obliged to give notice to your tenant.

  • Possession order

If the tenant doesn’t move out on the time of your notice you are allowed to seek possession order at the court.

  • Get professional notice servers

When giving an eviction notice, bring a witness with you.

  • Take it to court

Consider taking it to court if everything else fails.

MY TIP: Communication is key. Make sure your tenant receives everything in writing and don’t promise what you can’t deliver. As much as you’d like to sell your house fast, make sure your tenant is happy and agrees to the decision. Selling rental property with tenants in Portland and Vancouver can become a headache if not done properly.

Sell Your House to a Cash House Buying Company

So, you’re selling a house, huh? Why not sell it FAST to a cash house buying company? I accept houses with repairs and give you the opportunity to save on commission and to not worry about estate agents. You will receive a quote in just 24 hours.

NW Property Investments LLC gives you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!

If you need to sell your Portland and Vancouver area house fast and would like to get a no-obligation cash offer, call us now at 503-451-6644. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

Categories: Selling Rental House

How to Evict a Tenant Quickly in Oregon

November 9, 2017 • Jason

Here’s how to evict a tenant in Oregon.

Please understand that when you have to evict a tenant anywhere can come with a lot of hard work on your part as the landlord.

When dealing with rental houses, there are lots of potential issues that can arise. Things like tax implications, and evictions are common. Evicting a tenant can add stress to a landlord’s life.

It also will require you to understand the laws concerning evictions and tenants rights. Those that are new to rental property often have a tendency of forming a tenant friendship. When it comes time to learn how to kick a tenant out, it becomes a very stressful situation…especially if the tenants are relatives. Yikes!

evict a tenant from a house

How to Evict a Tenant Quickly in Oregon

Having to deal with evicting a tenant can often be avoided. This can be done through the proper pre-screening and choosing of tenants to begin with.

However, no matter how careful someone may be, circumstances can change. There can be a variety of reasons of why you may have to learn how to evict tenants.

What has to be realized is that your rental property is a business to you and you will have to conduct it as such. This means that you will have to know how to evict tenants when and if the situation arises.

How To Evict A Tenant Not Paying Rent

Often a landlord has to go through the eviction process because the tenant is not paying their rent.

Evicting a tenant not paying rent is not something that you should wait to learn about. If you do find yourself in that situation, you might consider selling the rental property with tenants still there.

As a landlord, you really want to learn what the rules are that pertain to the landlord and tenant act. You also want to learn the eviction laws. Knowing these makes it much easier when you have to kick a tenant out. These should be learned when first drawing up the lease agreement.

house to evict a tenant

Eviction Laws

The eviction laws will differ from state to state.

Even if you are familiar with one state make sure that you know the laws for the state you are renting your house in. How to evict a tenant in Oregon will most likely be different than other states.

When it comes to evictions, it’s best not to do it on your own. It can become so frustrating that landlords start removing items from the tenant’s home. Or change the locks. Or they may shut off the critical essentials like the electric, gas and water. These may be all measures that would possibly get your tenant to vacate…but can be illegal.

You need to go through the proper legal recourse that is in place for you to evict your tenant.

When it comes time to go to court you want to show the courts that you have abided by all of the rules. You  should not have been vindictive in any way. This could cause the judge to show more leniency towards the tenants.

One of the reasons for trying to figure out how to evict a tenant in Oregon is because of failure to pay rent…obviously, if they don’t pay they shouldn’t stay.

Other Reasons to Evict a Tenant

They may have violated the lease agreement or they are causing damage to your property.

It could also be that they are a hindrance to your other tenants. This could be by causing noise disturbances or health issues.

evict a tenant rental property

Whatever the reason may be you have to ensure that you have the proof and that it is well documented. It could be you happened to learn that you are in a gray area of the law when it comes to how you approach your eviction of a tenant.

You may want to try and approach your tenant asking them to leave in a polite way. This may be done  without having to go through the entire legal process. In many cases this doesn’t usually work and you will need to learn how to start the eviction process.

How To Start The Eviction Process

Evicting a tenant in Oregon requires you to start the eviction process.

The first thing you’re going to want to do is give a formal notice of eviction. This is after you have definitely determined that you have the grounds for eviction.

In many cases the notice of eviction has to include the reasons why the tenant is being evicted. It should include what they could possibly do to avoid this. It may be that the property has been unkempt. If they comply and clean it up then the eviction will no longer be in place.

You also want to make sure the eviction notice includes the deadline. It should also contain any amounts of money including all fees that are owed. There may be a specific number of days that you have for filing this paperwork with your local court office. The eviction notice should be taped to the tenant’s front door as well as sent by certified mail.

learning how to evict a tenant

In most cases you will need to file your eviction with the courthouse. Then you should be given a hearing scheduled date. The courts should also notify the tenants by way of  summons about this. You will most likely have to show that you have served the eviction notice in the proper manner.

Evict a tenant in Oregon means preparing yourself for your court attendance. Make sure that you have all of the pertinent documentation for the rental property for this tenant. This includes your lease agreements and all your records of payment. Any communication that you may have had with the tenant should be documented. You need  a copy of written notice and your proof that the notice was served. If you have checks that have been classed as NSF these also should be part of your documentation.

There will be a specific time allotted that the tenant will have to leave. If the tenant doesn’t comply then the Sheriff’s department can step in. This is to ensure that the court orders have been carried out. Tenant eviction is not a pleasant or easy task but is one of the responsibilities that come with this type of business. Knowing all the rules and regulations makes it a much easier process.

 

Skip the Headaches of Evicting a Tenant, Sell the House Fast Instead

Why go through all that’s required to evict tenants? You can skip the drama and headaches by selling your rental property and getting a cash offer from a company that buys houses in Portland and Vancouver. NW Property Investments LLC can make you a cash offer within a single day…even if there are tenants living in the house. Give us a call at 503-451-6644 and we’ll gladly talk with you about your situation and make you an offer to buy it at no charge.

 

Categories: Selling Rental House

Taxes for Selling Rental Property in Oregon

November 2, 2017 • Jason

Understanding the taxes for selling rental property is an essential step to know when you’re thinking about selling a rental house. Selling a rental property comes with many steps, questions like “should I sell my rental property?”, and complications which may also involve tax implications. The taxes for selling rental property in Oregon can be incredibly confusing for plenty of reasons, but don’t worry – I’m here to help you out. In this article, we’re going to look at taxes on selling rental property in Oregon, how tax sales work, how to avoid paying capital gains, capital gains tax on sale of rental property, capital gains tax on sale of your second home and more.

Let’s go.

How taxes for selling rental property in Oregon work?

If you’re completely new to the real estate business and taxes on selling rental property in Oregon, you might be asking yourself how taxes work in the first place.

Calculator, paperwork and pen. Taxes For Selling Rental Property in Oregon

Here’s how:

HowStuffWorks states that each property is divided into assessment areas or assessment units.
The value of a property is determined by a tax assessor through property tax assessment.

“For example, the Rose City government has a $6 million budget and receives $3.5 million in sales tax revenue and state aid. Rose City needs to raise $2.5 million in property taxes to cover the budget. $6,000,000 – $3,500,000 = $2,500,000”

Some of the property cost can be recovered with depreciation.

What is depreciation?

10 and 20 euro bank notes and coins. Taxes For Selling Rental Property in Oregon

Depreciation is a tax deduction which allows you to recover costs of a particular property.

Residential rental properties can be depreciated over 27 ½ years with MARCS system or 40 years with an alternative system.

You cannot claim depreciation.

What happens if property taxes for selling rental property aren’t paid?

If your property taxes aren’t paid, you could face a fine and have your property seized. Not paying your taxes could also reflect badly on your credit score, making it difficult to purchase further properties. Please consult with the IRS Publication 594.

How to avoid paying capital gains?

Forbes identifies 14 ways to avoid paying capital gains when it comes to taxes for selling rental property in Oregon. I’ll cover 5 most important ones.

Stock exchange
Those with a good credit and appreciated securities can apply for a stock exchange with services who trade their stock with a diversified portfolio (however, equally valued). Who uses this option? Investors who are looking to avoid paying large capital gains on taxes for selling rental property in Oregon.

Health Savings Accounts
Contributing to health savings accounts will also mean you are able to receive a tax deduction. Please note that you might have to do more paperwork and no economic value can be gained from this.

Move to a lower tax bracket state
State taxes are different and depending on where you live, you can avoid paying state tax or lower it.

Give stocks to family members
You can give some of your stocks to family members in lower tax brackets. This is one of the most beneficiary ways to avoid paying capital gains.

1031 exchange
What is 1031 exchange? It’s another way to avoid paying capital gains – within 180 days of the sale you can roll your proceeds into a similar investment type. Please note that the rules to this exchange are very complex, however, by doing the 1031 exchange you can without a doubt avoid paying capital gains.

Coins.Taxes For Selling Rental Property in Oregon

How to make capital gain or capital loss when you sell?

Capital gains or capital losses are made everytime you sell a rental property, unless the property was bought before 20th September 1985. These gains or losses can also be made from capital improvements since the acquired date .

The amount of your capital gain depends on the capital gain tax rate and as a result, according to Forbes, many gains are, in fact, never taxed.

If you co-own a property, capital gains or losses are made according to your property interest.

Capital gains or losses can be dismissed in the case of a rollover.

What is a rollover?

Rollover (disregarding a capital gain) applies in the case of a destroyed property or property which was transferred to a former spouse.

I need to sell my second house – what are capital gains tax on sale of second home?

The capital gains on sale of second home depend on the state you live in and how long you’ve lived in the house. Qualifications for partial exclusions are favorable, especially in the cases where you have rented your property for a certain amount of time while treated it as a residence prior to that.

The duration of the time you have to live in your second home and then rent it out depends on your state – for more information, contact your lawyer to make sure you receive correct information.

Sell Your House to a Cash House Buying Company

Ready to sell your house FAST?

NW Property Investments LLC is a cash buying company, ready to take your property off your hands. The property you want to sell needs repairs? Doesn’t matter – we’ll be happy to sell it regardless of its state. Give me a call and you will receive a cash offer in just 24 hours. Your house can be sold in a week!

If you need to sell your rental house now, and would like to get a no-obligation cash offer, call us now at 503-451-6644. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

Categories: Selling Rental House

Tax Implications When Selling Rental Property in Oregon

October 26, 2017 • Jason

Considering a Sale of Investment Property?

There can be plenty of reasons for wanting to. If you do, you need to be aware of the tax implications when selling rental property. There’s a lot to know…so let’s get started.

The sale of investment property requires considering the tax implications when selling rental property.  Make sure before making the final decision to sell your rental property that this is what you want to do. Dealing with the tax matters can be complicated and expensive.

tax implications when selling rental property

Tax Rules When Selling Rental Property

The first thing you are going to want to become familiar with is the tax implications when selling rental property. This is going to involve capital gains or capital losses. The tax implications involve this area of the tax laws.

Taxes on selling rental property are going to include taxes at both the Federal and State level.

The difference between the sale price and the adjusted tax basis determines capital gains.

A rental property tax calculator can help determine this.

Capital gains can pertain to either short term or long term gains. This helps to determine what your selling rental property tax obligations will be.

Sometimes individuals purchase rental property and discover it’s not for them. Then they want to sell it within the year. This is considered short term so if sold at a profit then it would be taxed as short-term capital gains. Usually, this is taxed at the standard income tax rate.

Property held for longer than one year is subjected to a different tax rate. This is a long-term capital gain. The rate can range between 0% to 20% but most often falls within the 15% range. Again you can use a selling rental property tax calculator, to help you estimate the tax implications when selling rental property.

Selling rental property tax expenses determines the basis of the rental property. This usually is the amount that you paid for the property.

Plus, additional expenses that you incurred to make the sale. If events occurred that decreased  value then you can likewise decrease the basis amount. At the same time if you improved the property then you can add the value of these improvements to the basis.

There are some advantages to an increased basis as it can help to reduce the amount of taxes you will need to pay. At the same time, you can enjoy an increased tax deduction with a capital loss.

Possible Tax Deductions When Selling Rental Property

Pay close attention to rental property tax deductions when you are going to sell. You will still have your regular tax deductions for this property up until the time that you sell it.

It may be that when you are selling the property you are not going to realize a profit. This is going to put you into a capital loss situation.

You will be limited as to the amount you can deduct for this loss. You will be able to carry the loss forward for a specific number of years. Just as there are short term and long term capital gains the same applies for capital losses.

comfortable living room with sofas

Owning the property for less than one year constitutes a short term loss. Whereas longer than one year is a long term loss. You will need to look at the current year’s allowable deduction limit for the capital loss.

You may also be able to qualify for passive losses. These could be included with your selling rental property tax deductions.

These losses occur when your property losses in a given year exceed the rental income. There is a cap on as to how much you can claim each year, but these losses may be able to be carried forward. When you sell the property you can apply any of these unused losses that occurred during the sale year.

One advantage you may want to take advantage of is selling your investment property and buying another.

It would have to be in the same category as an investment property. This applies to the 1031 tax rule. It can be complicated so you would want to rely on professional advice regarding this.

Some individuals sell their investment property so they can pay down their primary residence mortgage. This can create some substantial tax liabilities.

Tax Implications When Selling Rental Property

Researching your tax obligations when selling your rental property involves becoming aware of the law. This includes knowing the tax consequences that effect tax implications when selling rental property.

wood house with a green bike

Property depreciates and the IRS realizes this so they have rules in place. This pertains to how the calculations are handled for your depreciation deduction. Basically, the rules are that depreciation applies over a 27.5 year period. So each year a portion of this can be used as a deduction against the profit you are making. It works out to  3.636% per year. Improvements have to be calculated into the depreciation formula.  Looking at rental property tax legalities when selling may mean other things to consider.

If you have been claiming depreciation you may be subjected to depreciation recapture tax.

Another area that includes potential tax consequences of selling a rental property is incurring the new Net Investment Income Tax. If this applies to you then you may have to pay an additional 3.8% on your net investment income. This is applicable to specific thresholds and deals with capital gains.

Being as this is not your principal residence you are not eligible for the capital gain exclusion. Which usually amounts to  $250,000/$500,000.

Selling Rental Property Taxes Implications Summary

rental apartments

You must be familiar with the various tax laws during the sale of investment property. This is so you don’t make any mistakes when determining what your profit will be after taxes.

You will most probably want to use the services of an accountant to assist you with this. Although you can use the selling rental property tax calculator. This will give you a good idea as to what your selling rental property tax figures will be. If you are really familiar with the tax laws and tax implications when selling rental property, you can use tax accounting software to help you file your taxes pertaining to your rental property sale.

 

Ready to Sell?

If you’re interested in selling your rental property give us a call at 503-451-6644. We buy houses in Portland and Vancouver and pay cash so that you can sell your house fast. Give us a call!

Categories: Selling Rental House

Selling Rental Property in Portland and Vancouver, OR

October 19, 2017 • Jason

Selling rental property in today’s market can be complicated. Knowing when to sell your rental property is just one of many questions you might have. Even though asking prices are breaking record highs, selling your home is a daunting task for most homeowners.

Listing, updating, and advertising your home costs both time and money, and hiring realtors can slow your move-out time exponentially. But what about the added pains to selling an income property? Believe it or not, selling rental property in Portland and Vancouver, OR doesn’t have to be a months-long nightmare.

selling rental property

Selling Rental Property: The Right Time

Like most ventures, selling rental property in Portland and Vancouver, OR is all about timing.

Determining the right time to sell your rental property means considering a multitude of factors. Selling a Portland and Vancouver house is not only more complicated than purchasing, it also requires more risk. According to some experienced in home-selling, “choosing the right time to sell a rental property may be more crucial to your success… then your initial decision to purchase it.” With that in mind, consider these factors when selling rental property in Portland and Vancouver, OR.

Before selling, evaluate the current state of your rental. Rental properties are notorious for being hard to manage, even with an attentive and well-meaning landlord. Whether it’s a lack of cooperative tenants or the inability to foresee the emergence of major repairs, a rental property can fall into a state of disrepair fast. Needing major repairs without having access to the home or funds set aside for them can create a massive financial loss that’s unappealing to most rental property owners. It may be time to sell.

office table with white chair and wooden floors. Selling Rental Property in Portland and Vancouver,OR

Does your property generate a negative cash flow? Does it cost more to own and maintain than the income it produces? Even rental properties with the highest rent in the best neighborhood can be too costly to keep.

Owning the ideal rental property in Portland and Vancouver, OR means paying for property upkeep, taxes, utilities, insurance, among other monthly expenses. Your renters are paying for residence in the best area, but you’re paying more for maintenance and management. After expenses, is the bottom number adequate, or can you yield more revenue in other investment opportunities?

Like most markets, the renter’s market is fickle. A good year for rental property owners can mean increased appreciation and profit. But a market downturn can hemorrhage your savings. A once profitable piece of property can become an anxiety-inducing nightmare. Consider your long and short-term goals. If you envision your investment as more of a financial liability than a guarantee, it’s time to consider selling a rental property in Portland and Vancouver, OR.

Selling with a Tenant

So you’ve decided to cut your losses and sell your rental property. Now, what? If you have current tenants, you might be wondering about the complications concerning selling your rental property with tenants.

Rooftops selling rental property

Even if your tenant is one of those rare, dream tenants – they’re tidy, never call after hours, and care for your property like it’s their own – selling your rental with a pre-existing tenant is more of a hassle than selling an empty home. “If you want to sell your house with a tenant for the highest and best price, even the best tenant can be a detriment,” warns realtor Bill Petrey. This is partly due to a tenant’s lack of incentive to keep the property in showroom condition to impress and woo home buyers.

Having a tenant is also a deterrent for many potential buyers. Like it or not, when you’re selling rental property with tenants you’re selling rental property with tenants lease. You reduce the pool of potential buyers. Some home buyers can wait until a tenant’s lease is expired to move, and will buy your property without worry. But most want homes that are move-in ready the day of closing. Unless you’re trying to attract landlord buyers and other investors, selling a home with a pre-existing tenant can be limiting.

But there’s an upside to selling rental property with tenants. You can combat the negatives by enlisting your tenant’s help with showing your property to potential buyers!

By communicating with your tenant, you gain the possibility of making them more amenable to showing your home, an inconvenience no one likes during the selling process.

Some rental property owners even offer tenants a reward for keeping the home in peak condition. These rewards can include lowering their monthly rent or giving them gift cards to spend the day of a showing. “The success of dealing with a tenant during a sale is less about the message itself, but in how the message is delivered,” explains Zillow’s Brendon Desimone.

Selling tenant-occupied property can be tricky, but it’s certainly not impossible. While some buyers avoid tenants, others flock to the chance at owning a rental property that produces consistent  income day of sale. If you can offer your tenant an incentive for the inconvenience of showing your property and helping with the upkeep, you’ll generate more potential buyers. More buyers mean more bidding, and more bidding means procuring top dollar when selling a rental property in Portland and Vancouver, OR.

selling rental property old house

Selling at a Loss

When selling a rental property, it’s smart to consider the taxes imposed on your capital investment. It might be the least of your worries, but you must pay tax on any profit you earn while investing. It’s your selling rental property taxes.

If you’re selling while the market is favorable, your overall equity has increased, or you’ve lacked any major vacancies since renting your property, expect to pay a capital gains tax. The tax signifies your rental property’s ability to earn a positive cash flow and is considered a positive consequence of selling.

But what about selling rental property at a loss? Although very few investors buy property to lose money, it happens quite often. It’s one of the major risks of real estate. It can happen for any number of reasons, including a property-specific problem or the market losing equity.

Selling at a loss means the property drops in value causing you to lose money when selling. No one wants to sell at a loss, but sometimes it’s inevitable. It doesn’t have to be a negative consequence of selling, though.

According to Turbo Tax, “losses from selling rental properties generally receive favorable tax treatment.” If you owned your property more than a year, you can file for a Section 1231 loss. This specific loss can be used to reduce any type of positive income you’ve accrued. If your Section 1231 loss is large enough and it reduces all other income below zero, you obtain a Net Operating Loss (NOL). While taking a huge financial loss is generally considered bad, it can be a blessing for tax purposes. An NOL can be carried back for at least two years, offsetting taxable income and allowing you to regain the taxes you paid those previous years. An NOL can also be applied to future tax years and counter net gains for up to twenty years!

apartment building selling rental property

Selling rental property at a loss is a short-term loss, but it offers long term gain. If you purchased your rental property with a mortgage, you’re able to pay off your mortgage with a short-sale, even with an overall loss. If you own the property outright, you can take the loss but garner great tax benefits that last well after your close. Selling rental property at a loss isn’t only a viable solution to selling your investment, but can be a strong business plan to invest in future properties.

Selling rental property in Portland and Vancouver, OR doesn’t have to be stressful when considering all the factors before closing. Is it the right time to sell? Do you need to sell with tenants? What are the tax benefits to selling? If you can answer these questions with assurance, selling your rental can be an easy decision with multiple benefits.

Get a Cash Offer For Your Rental Property

Interested in a faster option? NW Property Investments LLC can make you a no-obligation cash offer within 24 hours to buy your rental property in Portland and Vancouver, OR.

If you want to find out more, do not hesitate to call us directly at 503-451-6644. We looking forward to talking with you.

Categories: Selling Rental House

Should I Sell My Rental Property in Portland and Vancouver, OR?

October 12, 2017 • Jason

At some point in time you may end up asking yourself should I sell my rental property in Portland and Vancouver, OR?

There can be several reasons why this question is being raised. When it does arise you are going to find that it leads to many other questions. This now means giving some serious thought to the answers so that you can move forward confident that you’ve made an educated decision.

sell my rental property

Should I Keep Or Sell My Rental Property?

Let’s look at the pros and cons to selling your rental property.

 

The Benefits of Keeping the Rental Property:

You are probably aware of the benefits of having rental property.

Otherwise, you would not have entered into this type of real estate adventure. The question is are you still reaping those benefits? Or are the benefits just not worth the time and work involved?

The benefits can consist of…

  •  Extra income from the rent collected that can be put to good use.
  •  You have a property that will build in equity.
  •  It can be alternative to selling if you have a personal interest in the property.
  •  It provides additional security by way of additional income.

red door with bushes and wreath. sell my rental property?

Then at the same time you are asking should whether you should keep or sell your rental property that has tenants you have to look at the downside of being a landlord.

  • Having to deal with tenants.
  • Dealing with legal issues.
  • Having to maintain and upkeep the property.
  • The time and effort.
  • Potential tax consequences of selling a rental property.

If you’re thinking of selling, you’ll probably want to consider selling your Portland and Vancouver house fast.

Should I sell My Rental Property Now?

If after coming to the decision that yes you are ready to sell your property  you will need to ask yourself, when should I sell my rental property? It may be because you are contemplating this that selling it now may be an option.

This is going to depend on a lot of factors which includes your reasons for deciding to sell.

garage door to sell rental property in Portland and Vancouver

Should I sell My Property to Pay off Debt?

Should you sell your rental property in Portland and Vancouver to deal with a heavy debt load? Great question!

Now you are faced with a more specific question like should I sell my rental property to pay off debt?

To find the right answer to this question you are really going to have to do some financial figuring.

You need to look at all the costs of the rental property and what is the profit from the rental unit.

Then you need to look at the cost of your interest rates on your debt and see what you would be saving if these were cleared. There are other factors that you need to take into account as well… like the long term value of the rental property over time.

Should I Sell My Rental Property at a Loss?

You might have a solid reason to sell your rental property even at a loss.

Then you may have to ask yourself, “should I sell my rental property at a loss?”

This can be really disturbing as nobody likes to lose money. The one advantage may be for tax purposes where a loss can be realized.

Depending on the real estate market at the time you may not have a choice if you need to sell the property quickly.

a house with a window and three flower pots. should i sell my rental property?

Can I Sell My Rental Property with Tenants in it?

Can you sell a rental property with tenants in it?

There are pros and cons to selling your rental property when the tenants still live there.

With tenants in place you are showing the property is generating an income. It saves a potential new buyer from having to find tenants. The downside is dealing with the tenants during the sale process.

Some tenants will cooperate where others won’t. When the property is on the market it means that the realtor is going to have to show it. Tenants may find this an inconvenient and will try and make it difficult for showings. Or, they may not tend to the property properly and it won’t show at its best. To answer this question you are going to have to really know how your tenants are going to react to the sale. You can also discuss the pros and cons with your Realtor who is experienced in this.

To find out more about selling a rental property with tenants please read this article.

It really just boils down to what makes the most sense for your circumstances

You can do this by looking at your personal circumstances. Make sure that when making your decisions to think about the long term of your actions.

You may be in a temporary financial circumstance that needs addressing. Selling the property could maybe help with this. However, would doing this put you at a bigger disadvantage later on down the road?

Be sure to rely on the right professionals when you decide to sell your rental property. These are experts like a Realtor or a cash Portland and Vancouver home buyer.

They can help answer the questions you are faced with. Their advice can help you take the right steps in regards to a sale. Also, if you are feeling frustrated over your rental property this may be temporary and you don’t want to make a hasty decision because you may be having a bad day.

Then there are times when the housing market is really booming and you may decide this is the best time to sell. Consider the reasons why you entered into rental property and see if this has changed.

 

Get a No-Obligation Cash Offer

If you want to see what this option can do for you, feel free to call NW Property Investments LLC at 503-451-6644 right now. There is no-obligation so it won’t cost you anything and you can consider the offer to buy your rental property as something to consider.

Thanks for reading and I hope this article helped you to understand your options better.

Categories: Selling Rental House

Why Sell a House to Cash Buyers?

October 5, 2017 • Jason

Making the decision to sell your home is one of the major decisions you will probably make in your lifetime. There are lots of options, between listing with a real estate agent, selling on your own, and the decision to sell a house to cash buyers. When you are going to do this it requires several different types of planning for the future. You will have some options in the way you want to sell your home. So why should you sell a house to cash buyers? Let’s see what that entails.

Why Sell To Cash Buyers?

why sell a house to cash buyers

The best way to decide to sell a house to cash buyers is to compare this to traditional home selling.

Listing the home Through the Real Estate Agent

If you go through a realtor the first thing that needs to be done is that it has to be inspected by this professional. The realtor will then do an analysis of the market in your area. After this, he will suggest a listing price. You have the final say as to how much you want to put the house on the market for.

Necessary Repairs

Your realtor may also suggest that you do some specific repairs before listing the house. You then need to make the decision as to whether it would benefit you financially to do this. It will also depend on whether you have the extra funds to put into the repairs.

Advertising and Promotion

Your agent will look after the task of advertising your home and promoting it to potential buyers. This means putting in on the open market. Interested parties will book appointments to see your home. Most likely there are other homes in your area that are for sale so your home will be competing against these.

Showings

Home viewings are one the biggest inconveniences. This is necessary when selling your home in the traditional manner. Some find this to be such a hassle that it answers the question as to should I sell my home for cash.  Viewings mean that several people will want to see your home at different times. You may have to leave the home for periods of time, so the agent can hold open houses. It means constantly having to keep the house clean and orderly.

The Negotiations

When a potential buyer is going to put an offer in it usually means some negotiations back and forth. This can take some time before an actual selling price is agreed upon. Many times during this process the deal falls through. The buyer may not be willing to pay the final price. Or, they may not be able to arrange financing.

The Paperwork

With the sale of a house with traditional methods, there is a lot of paperwork involved. Not only does the realtor have to prepare this, but you will also need a lawyer to help close the deal.

Selling a House to Cash Buyers

pros of deciding to sell a house to cash buyers

There is a good chance you may not even have to list your home. It may be that your home is in need of several repairs to bring it up to market value. If you take the option to sell a house to cash buyers then you most likely can take the “sell house as is” opportunity.

Do some checking in your area. You may find there are investors that are interested in sellers who want to sell a house for cash.  Your realtor may even be aware of someone who may be interested in this type of purchase. This means the cash buyer is prepared to buy the house in its current state.

Should I Sell My House For Cash?

Your personal situation will help you answer the question, should I sell my house for cash? You need to know the reason that you are selling in the first place. It could be that you have run into financial difficulties. Or perhaps your job requires you to move to a new location. Another reason may be that the house is in bad need of repairs and you don’t have the extra money to carry these out.

All of these situations may raise the need for some quick cash. This is drawing you towards the decision to sell a house as is. When you sell a house to cash buyers you don’t have to deal with a lot of the hassle. These are the ones that come with the traditional way of selling.

Other Reasons to Sell a House to Cash Buyers

more reasons to sell a house to cash buyers

Fast Sale

When you sell a house to cash buyers you are normally looking for a quick sale with a fast closing. At first, you may think it will be difficult to sell a house this way because of the need of repairs. There are several investors that are willing to buy a home as is. If you’re looking to sell your house fast then a cash buyer might be for you.

Fair Price

Naturally, the price will be lower than it would be if the home were in pristine condition. You will still receive fair market value, based on the worth of the home. Also keep in mind if you do your research for your area first, you may not have to even list your home. Chances are, you can find interested parties who advertise that they want to pay cash for homes. This means you will save substantial money on the real estate fees. You may also get some extra savings on your lawyer’s fees. This is because there is not as much legal work involved in this type of sale.

Fewer Inconveniences

When you sell a house to cash buyers you don’t have the inconveniences of waiting for the right buyer. You don’t have to do the repairs or put up with the intrusion of people viewing your home.

These are all valid answers to the question why sell to cash buyers. The answers are the solutions for those who want quick cash for their home. It is an ideal method for those that don’t want to go through the standard process of home selling. When you sell a house to cash buyers you can tend to your financial needs quickly. Or, you can get on with the move that is required based on your situation.

Sell a House to Cash Buyers Now!

reasons to sell a house to cash buyers

Watching your house sit on the market, spending an arm and a leg in repair costs, and not wanting to list with a real estate agent are all reasons why cash buyers are a better option for you. At NW Property Investments LLC, we specialize in quick home sales for cash. That’s the benefit of selling a house for cash and working with us!

No matter what condition your house is in, we’re here to help you out. We’ll get your house closed, and write you a check on the spot! Call us today to get a no obligations quote for your house, or just to get your questions answered. We’re always happy and ready to talk! Contact us at 503-451-6644.

Categories: sell a house

Process of Selling My House to Cash Buyers

September 28, 2017 • Jason

When it comes to selling a property, homeowners have many options. From the traditional hiring of a realtor and sitting months on market to listing a for sale by owner and selling your own house, homeowners make the best personal decision with the most knowledge they have. Unfortunately, many homeowners have little to no experience working with we buy houses companies. The benefits of cash buyers are numerous, so when I want to move on quickly I’m selling my house to cash buyers.

The Benefits of Cash Buyers

My first property was a traditional starter home and required nominal financing to afford. Once I procured a higher paying job out of state, I knew I needed to sell my house quickly in order to relocate. After researching local real estate agents that came highly recommended, I realized the average realtor couldn’t promise a sale real estate closing within a specific timeframe; waiting months of a potential buyer to purchase my home wasn’t an appealing outcome. I began considering other options because utilizing the services of a realtor wasn’t a good solution for my hard time constraints.

After hours of extensive research, I realized the most convenient and quickest method for me to move was selling to cash buyers. Initially, when I made my first cash home buying inquiries, I expected selling to a ‘we buy houses’ company to come with some negatives.

Why hadn’t I heard about their buying proficiency and fair cash offers before now? And why weren’t all my friends and family using their unbelievable services? I asked trusted family members why, and they admitted to not knowing any local cash buyers, not recognizing the advantages, and not understanding the general cash buyer selling process. I felt it necessary to explain why I was selling my house to cash buyers.

the first steps of selling my house to cash buyers

Reputable cash buyers offer numerous far-reaching benefits that make selling a home a simple process. The advantage I was most drawn to was their ability to guarantee a closing within a week of our first meeting. That was simply unheard of when I originally researched the differing selling options homeowners had before I even listed my property. With cash buyers, I wouldn’t have to wait for a lengthy financing period because they had cash on-hand to purchase my property. If they viewed my property and wanted to purchase it, they could immediately. This was great for me to relocate.

Another unique benefit to selling my house to cash buyers was their desire to purchase my home in whatever current condition. For people like my parents, who had been unable to maintain basic upkeep and failed to update their home with the newest appliances, selling a distressed home could be difficult. Very few buyers want to acquire a home that needs major home repairs and lacks that move-in ready appeal. Thankfully, selling my house for cash meant selling without making any costly remodels or renovations.

An Atypical Selling Process

The standard selling process most homeowners encounter is fairly straightforward. A homeowner needs to sell, chooses a local real estate agent to represent them, and entrusts the agent to assess the home, provide a fair market value, and make professional advertising materials to entice prospective buyers.

Once a buyer is interested, the realtor and buyer’s realtor negotiate on behalf of both parties, and – best case scenario – agree and sign a purchase agreement. Now, even though the purchase agreement is reviewed and signed by both parties, the seller won’t receive funds until after the buyer procures home financing, which requires a mortgage lender or bank to approve. From the homeowner’s initial decision to sell to the buyer’s mortgage approval takes a few months. What’s worse is the buyer’s ability to weasel out of a purchase agreement without penalty due to clauses and contingencies, leaving the seller stranded and starting the selling process all over.

what I did when selling my house to cash buyers

I chose to sell my house to cash buyers because the process was more secure than the standard, and I knew I wouldn’t be let down. When selling to cash buyers, homeowners are able to skip many of the typical selling steps in order to close much faster. This atypical selling house for cash process begins with a homeowner deciding to sale. Instead of contacting a real estate agent though, they call their preferred cash buyer.

The cash buyer assumes the role of the realtor and assesses the property – sometimes with walkthroughs, sometimes using comparable homes – to determine a fair market value cash offer. After, they present the cash offer to the homeowners, the sellers can choose to close at their earliest convenience. No waiting for a financial approval!

Selling my house to cash buyers meant I was in control. I determined the closing date, kept the traditional realtor’s commission, and approved a cash offer I felt to be fair. I didn’t need to research local real estate agents or wait for potential buyers to judge my property’s worth; the cash buyers saw my home’s potential even with the varied flaws that turn off other buyers. My cash buyer was a friendly professional and assisted me throughout the selling process without payment. They talked me through any questions I had and showered me with references from other sellers. Selling to cash buyers allowed me the security to start my new job without worrying about selling my starter home.

Selling My House to Cash Buyers

why I went with selling my house to cash buyers

Though homeowners have many options when first deciding to sell their property, choosing a reputable cash home buyer should be a priority if needing to sell fast. Real estate agents work with multiple homeowners simultaneously and often cannot afford the time and dedication needed to sell a property most proficiently; cash buyers, on the other hand, are less burdened by multiple sellers because they guarantee speedy home sales.

When my family and friends ask me for referrals when they want to sell their homes, I advocate for cash buyers every time. Undoubtedly, cash buyers are real estate experts that are trained to determine a home’s value. Cash buyers also offer a simplified selling process. Forget waiting months to move on from your home; selling to cash buyers means being able to find your next home with ease.

Want to Benefit from Selling Your House for Cash?

choose selling my house to cash buyers

If you’re stuck thinking “why am I not selling my house to cash buyers” then you don’t have the time watching your house sit on the market. You don’t have that time, and we understand that. At NW Property Investments LLC, we specialize in quick home sales for cash. That’s the benefit of selling a house for cash and working with us!

No matter what condition your house is in, we’re here to help you out. We’ll get your house closed, and write you a check on the spot! Call us today to get a no obligations quote for your house, or just to get your questions answered. We’re always happy and ready to talk! Contact us at 503-451-6644.

Categories: sell a house

7 Tips for Selling Your House for Cash to a House Buying Company

September 21, 2017 • Jason

Selling your house for cash can be an arduous affair if you’re not experienced with the ever-fluctuating real estate industry. From determining a home’s asking price to becoming familiar with the legal documents involved, selling a home typically requires specialized knowledge.

Thankfully, the popularity and prominence of selling alternatives have crept up in the past couple decades, giving sellers multiple methods to move on. Instead of the typical hire-a-realtor dance, more homeowners than ever are considering the benefits of cash offers and selling a house to cash buyers. These seven tips and tricks for selling your house for cash to a house buying company will provide the simplest home selling solution on the market today.

1. Research House Buying Companies

so research before selling your house for cash

If you’re selling your house for cash, you must first research house buying companies and determine which one is best for your home sale. There are many, varied house buying companies out there: those who buy sight-unseen, those who work predominantly online and outsource to investors, and those who search for local homes and must participate in walkthroughs before submitting a fair cash offer on a house. When conducting your own personal research, make note of the individual services provided to make the best-informed decision.

2. Choose Local

Like most products, local cash buyers are in higher demand than the distant, online competition. And there’s a reason for this. Local cash buyers know the area; they have first hand experience with the neighborhoods, regional home legislation, and can determine the price of a home without as much research. Local cash buyers are also more apt to possess similar personal values and visit the same local establishments. The commonalities between a local cash buyer and a homeowner can be vital when meeting, assessing, and selling the property.

3. Check References

Before deciding to work with a specific house buying company, it’s imperative to evaluate the cash buyer’s reputation. Homeowners can evaluate a company’s service by browsing their references from other sellers that have used their services. These can be typically found online through either the company’s website or via business rating services like Angie’s List or Yelp. Though some can be forged, honest references will offer real life author names and provide very specific details into a business and their dealings. If you ask for references and aren’t provided any, move on to another local cash buyer.

4. Be Honest About Your Home’s Condition

list your houses condition when selling your house for cash

One of the best benefits of selling your house for cash is that house buying companies generally do NOT care what condition a home is in. Have comprehensive water stains? No problem. Need extensive updates or major renovations? They’ll still buy it. House buying companies aren’t turned off to the average home degradation most other prospective buyers avoid. Whereas standard buyers want move-in ready properties with immense curb appeal, cash buyers want dilapidated homes with visible age. The more broken, the better. There’s no need to lie about your home’s flaws; cash buyers see the potential of a property. Before having a local cash buyer inspect your house, there’s no harm in being upfront about the possible damage and problem areas.

5. Don’t Be Afraid To Be Yourself

Unlike dressing up in your Sunday’s best for an Open House or hiring professional cleaners to spruce up your home, don’t be afraid to act like your natural self when contacting and meeting a representative of a house buying company. Cash buyers are professionals; they’re not interested in a home or homeowner’s first impression. They’re interested in the character of the property and the willingness to sell from a homeowner. Experienced house buying companies communicate with motivated sellers with distressed properties on a consistent basis; they know how to approach a sale with finesse, empathy, and understanding. Cash buyers won’t judge, so don’t be afraid to show off the real you.

6. If You Don’t Know, Ask

ask questions before selling your house for cash

The home selling process can be a lengthy and complicated mess for inexperienced sellers. Completing legal forms can be tedious and determining a home’s accurate value can be challenging. When you a homeowner hires a real estate agent, they expect a certain level expertise to assist with whatever questions they may have; unfortunately, not all realtors have the time, knowledge, or resources to accurately answer a seller’s questions.

When selling your house for cash, you’re given access to professionals that put you and your property first. If you have a question about the home selling process, just ask. If you want to know why a cash buyer offered a certain amount, they’re willing and able to inform you. Cash buyers have extensive knowledge with the real estate industry, current housing market, and price fluctuations; there are few more knowledgeable professionals capable of answering a homeowner’s inquiries.

7. Take the Initiative, Make the Call

The first step in the process of selling to cash buyers is simple: make the initial call. While some cash buyers will contact a homeowner after initially listing their property, many miss the opportunity to make the first call. If you’re considering selling your house for cash and haven’t received at least one email or call from a house buying company, it’s time to take the first serious step. When a cash buyer receives a call from a legitimate local seller, they are determined to submit a fair market cash offer and finalize a home sale. If you sound serious about selling your home, they’re serious about buying it.

Selling Your House for Cash

It’s no secret that homeowners have numerous options when needing to sell their home. They can hire a real estate agent or list as a for sale by owner. A better option for sellers are local cash buyers though; they’re interested in buying properties in any condition and closing at the earliest convenience for the seller. Local cash buyers are familiar with your area and know your home’s worth, usually without even seeing it. If you’re interested in using a house buying company, remember to be yourself; cash buyers love to work with honest sellers and have a fondness for flawed homes.

Sell Your House Now!

considering selling your house for cash

Realistically, listing with a real estate agent takes anywhere from 4 – 10 months depending on your market. In Portland and Vancouver, it could take a minimum of 6 months. You don’t have that time, and we understand that. At NW Property Investments LLC, we specialize in quick home sales for cash.

We’ll get your house closed, and write you a check on the spot! Call us today to get a no obligations quote for your house, or just to get your questions answered. We’re always happy and ready to talk! Contact us at 503-451-6644.

Categories: sell a house

What are the Benefits of Selling a House for Cash?

September 14, 2017 • Jason

Selling your house shouldn’t be stressful. There are options. There are benefits of selling a house for cash that most homeowners don’t consider.

Owning a home allows one to build part of their financial security. As the ownership of this asset continues it builds equity. Once you decide to sell your home then this equity becomes available to you for whatever way you want to use it. The decision to sell your home brings with it several options. You can list through an agent or you can list it yourself. Then is one other option and that is selling your house for cash.

Benefits of Selling a House for Cash

what are the benefits of selling a house for cash

If you have ever sold a home in the past you have the basic knowledge of the process. Most likely you went through this while using a realtor. While there are some advantages to this method there are also some negative aspects to it. Selling a house for cash means you don’t have to deal with the downside of selling a home in a conventional manner.

Fewer Selling Expenses

When selling a home there are certain costs that you have to incur. Many people don’t give this much thought as they just seem to be acceptable when selling a home. They do add up and saving on these is just one of the benefits of selling a house for cash.

Advertising Fees

Many home sellers now are venturing into selling their home themselves. They are not using the services of realtors. This means they have the cost of advertising their home. This takes knowledge and money to run effective ads, even if it’s just in the local papers.

No Realtor Fees Is One of the Advantages of Selling a House For Cash

no fees is a benefit of selling a house for cash

If one goes with the standard method of selling their home this means they will list it with a Real Estate Agency. Upon a successful sale, 6% of the sale is the average amount that will go to the realtor. Not having to pay this is another one of the advantages of selling a house for cash.

Reduced Legal Fees

There will still be some legal fees when selling your house for cash. These may be reduced. Often with a standard sale, there may be the legal fees to draft the mortgage. This is when you as the owner are taking back a mortgage for the new buyer which is quite common. With a cash sale, this doesn’t occur so you may be saving money here.

Your Other Expenses

Many times individuals who sell their home have some debt that they want to clear with the funds from the sale. If you place your house on the market, there is no telling when it will sell. It could take weeks or months. During this time you are most likely paying some hefty interest on your debts. The sooner you can get cash in hand the sooner you may be able to clear these and save on the interest expense. In addition to that, you won’t have to spend more money making repairs to your house. Cash buyers will buy your house as-is.

Speed of Sale

fast closing is a benefit of selling a house for cash

Selling a house for cash fast is another one of the benefits of selling a house for cash. You don’t have the uncertainty of knowing when your house is going to sell. Taking advantage of the benefits of cash offers on a house allows you to close your sale much quicker.

There are some individuals that are selling because of specific circumstances. For these individuals, the benefits of selling a house for cash are highly important to them. For some, they may be re-locating, because of their job situation. This often has time constraints to it, and having the house on the market using traditional sale methods can be a big inconvenience.

For others, they are in a tough financial situation and this really creates the need for a fast cash closing. Again, another one of the benefits of selling a house for cash. Most buyers that are purchasing a house with cash favor a quick closing. This works out well for the individual who is need of money as quickly as possible.

Convenience is Another One of the Benefits of Selling a House for Cash

Real inconveniences can arise when selling with traditional methods and using a realtor. It is difficult to keep the home spotless and showing well every single day. The realtor will constantly be bringing prospective buyers through the home. This can interfere with the family lifestyle. Then there may be the inconveniences of open houses where the family has to leave the home for several hours. On top of this will be the negotiating of potential offers. These often go back and forth and can be stressful and time-consuming.

Fewer Hassles

Fewer complications is another one of the great benefits of selling a house for cash. Even when an offer is signed in a traditional sale there can be some tense moments. Waiting to see if the sign back offer is accepted may do is one of them. Another is when you have accepted conditional offers. This may be dependent on the buyer getting financing, or their selling of their home.  When you opt for selling a house for cash fast, you don’t have any of these issues to deal with.

Fast Cash Closing Buyers

There are already potential buyers waiting and ready to conduct a fast cash closing. This is another one of the benefits of selling a house for cash. You don’t have to wait for this type of buyer to come along. Many home buyers are always looking for homeowners who are looking at selling a house for cash fast. These are reputable individuals. They know what the fair market value of your home is and are willing to make a reasonable offer. You may think it is a little low, but before keep in mind all of the benefits of selling a house for cash.

Don’t forget you will be enjoying some additional savings with a fast cash closing. You will have your money from the sale much quicker so you can look after your other financial needs. You won’t be going through the stress and hassles that come with selling a house in the traditional way.

You are making a wise choice when you decide to capitalize on the benefits of cash offers on a house.

Want to Benefit from Selling Your House for Cash?

get the benefits of selling a house for cash

Don’t waste your time watching your house sit on the market. You don’t have that time, and we understand that. At NW Property Investments LLC, we specialize in quick home sales for cash. That’s the benefit of selling a house for cash and working with us!

No matter what condition your house is in, we’re here to help you out. We’ll get your house closed, and write you a check on the spot! Call us today to get a no obligations quote for your house, or just to get your questions answered. We’re always happy and ready to talk! Contact us at 503-451-6644.

Categories: sell a house
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