July 20, 2021
Can you sell a rental property with a tenant in it?
We get approached by a lot of people that want to sell a rental property that has a tenant in it. Sometimes they still have time on the lease, sometimes they are problem tenants and may even be behind on rent. While having a tenant makes it harder to show the show the house to potential buyers (Particularly to show it in a nice state), it doesn’t mean you can’t sell it. As landlords ourselves we understand what its like to have tenants and for a lot of the houses we buy, we actually want to put a tenant in them. So when you reach out to a buyer like us having a tenant isn’t an issue. In this video our founder Aussie Steve talks about this very situation. This was a house in New Orleans east that we bought with the tenants in it. Watch the video or read the transcript below.
Hi guys, It’s Aussie Steve from Home Buyer Louisiana and I am here with little Eli today. We’re here at a property that we bought about six months ago. At the time, there were tenants inside it, and the owner reached out to us saying he wanted to sell his house fast. He had something else he wanted to put his money into.
It was really hard to show the property with the tenants as they still had six months left on the lease. So, he just wanted to sell it really easily. We’d shown the property with the tenants in there, spending about five minutes looking around and we were able to come to terms.
We closed on the property within eight days. It’s one of our fastest deals. Although we’ve done a few in eight days before, this is tie for the fastest. We can always close as soon as the title is cleared and while this averages about 2 weeks sometimes we can get it done in 8 days.
The tenants moved out recently. It’s been six months since we closed the deal, and we honored the lease agreement they had with the seller. So, it’s the first time I am doing a video here, and it needs a bit of work but that’s what we do.
It’s got stained carpets, the walls are pretty grimy, and all sorts. If he wanted to sell it, he would have needed to get rid of his tenant, painted it, fixed a bunch of things and listed it with a realtor who would show a whole bunch of people through it etc. Obviously, he couldn’t do that as there was still six months left on the lease. He didn’t want to wait around; he didn’t have the time to wait to get paid. He also didn’t want to spend the money to fix it up, so we were able to come to a deal where he was really happy, and we paid him all in cash. We closed the deal within eight days. So, he was able to move on.
We then took the house and the tenant as our responsibility. We’re fine with that. We don’t mind managing tenants; we do this for a living. We have a portfolio of rental properties and property managers so we can deal with problem tenants. We can also deal with good tenants as well.
We know it can be hard to sell a rental property when the tenants are in it, but for someone like us, we’re more than happy to buy those sorts of properties, and we understand what it’s like to have a tenant in place and maybe not be able to show the house fully. We understand all these things and we are able to work around them just like we did in this property here.
By the way, this house is in New Orleans East.
So, guys, if you have a property looking to sell, maybe you have tenants in it, be it problem tenants or good tenants, with a lease, and you want to sell it fast, reach out to us. We love buying rental properties.
Check out our website, Homebuyerlouisiana.com. We have a lot of information on there. Articles, frequently asked questions, case studies etc. So, by all means, have a look around and check it out.
Thanks so much. Bye!
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