Roddy Offers Buys Houses Posts

Can I sell my rental property with tenants in it?

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

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?

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.

Roddy Offers Buys Houses 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 469-406-6961. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

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!

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.

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.

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.

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. Roddy Offers Buys Houses can make you a cash offer within a single day…even if there are tenants living in the house. Give us a call at 469-406-6961 and we’ll gladly talk with you about your situation and make you an offer to buy it at no charge.

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.

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?

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.

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?

Roddy Offers Buys Houses 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 469-406-6961. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

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 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.

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.

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

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 469-406-6961. We buy houses in Portland and Vancouver and pay cash so that you can sell your house fast. Give us a call!

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: 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.

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.

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 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!

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? Roddy Offers Buys Houses 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 469-406-6961. We looking forward to talking with you.

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.

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.

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.

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.

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 Roddy Offers Buys Houses at 469-406-6961 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.