Do you have a rental property that you need to sell fast? Whether you need to move or you’re struggling to keep up with your rentals, there are many reasons that landlords might sell a rental property.
In fact, according to Marco Pineda of Dallas Property Investors, selling a rental home could be the best move for you financially.
Here are some reasons you should consider selling a rental property.
1. The Costs Exceed Your Income
In some cases, rental properties don’t generate enough income to make the costs worth it. It’s never a good idea to ignore a negative cash flow.
Common property expenses include:
- Property management
- Marketing fees
- Property improvements
- Vacancy costs
- Homeowners insurance
- Appraisal fees
- Home inspections
Of course, these are only a few of the many expenses that could eat into your income.
2. You Don’t Want to Be a Landlord
Maybe when you first invested in a rental house, you were excited to become a landlord. However, being a landlord isn’t for everyone.
It involves a lot of risks and hard work, especially if you’re managing the property on your own. And going through a management property can get expensive.
If you don’t want to manage a rental property anymore, or you’re ready for retirement, it’s a good idea to sell your rental property.
3. Higher Property Taxes
Increasing taxes are one reason real estate investors choose to sell a rental property. Higher taxes eat into your income and can make managing the property more of a burden.
There’s always the opportunity to raise the rent, but that often results in unhappy tenants or rental vacancies, which also cause headaches for landlords.
Since higher property taxes can make owning a rental more expensive, it makes more sense to sell it.
4. Stagnant Rental Income
Compare your rental income to the property’s value growth. In certain locations, it can be tough to generate enough net rental income to make it worth your time.
If you’re not expecting further growth anytime soon and your rental income has stagnated, it can be more profitable for you to sell.
5. Tenant Vacancies
It can be tough for a landlord when a long-term tenant leaves. Filling tenant vacancies is a difficult and expensive process. You have to repair and clean the rental property, market the house, find prospective tenants, perform showings, and go through tenant screenings.
When you can’t fill a vacancy, the costs fall on you, which can create financial distress. In many cases, selling a property is the better solution, especially if you have another job or responsibilities and you can’t dedicate all your time to your rental.
It’s Easy to Sell a Rental Property
Selling a rental property is often the better solution for owners, whether you’re moving or unable to handle your property anymore. You might think that selling your rental will be a long and complicated process. However, we make it easy to sell a rental property.
We buy houses in any condition here in Austin, Texas. You don’t have to worry about any commissions or fees.
Learn more about how it works, and then reach out to us to get your fair cash offer!