Culling the herd... Choices for selling a home, input needed

Culling the herd... Choices for selling a home, input needed

Deborah BurianPro Member
Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes

There are worse problems to have, but we have ended up with more homes than we intended to, and it's the perfect opportunity to cull the herd.

I have a specific property in mind. It's a class B in an okay neighborhood, new roof, new foundation work, fresh paint, but nothing fancy. This is how I see my choices:

1) List it with a trusted broker, pay more costs, skip the aggravation, walk away.

2) Sell private treaty, maybe even with a wholesaler, take it to the REIA, post on Bigger Pockets etc. More aggravation less cost.

3) Sell with owner financing. Maintain the revenue stream, skip the short-term aggravation, but still somewhat close to a rental which is what I'm trying to get away from. Also a concern that a non-performing buyer will allow the house to deteriorate.

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  • Deborah BurianPro Member
    OP
    Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
    12y

    It may be germane that I have greater than 50% equity... Is it?

  • Karen MargraveBusiness Member
    Moderator
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    12y

    @Deborah Burian It appears you've already made your decision by the descriptions you used. :)

  • Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    12y

    If you don't need the equity I would go with seller financing and add another revenue stream.

  • Deborah BurianPro Member
    OP
    Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
    12y

    @Karen Margrave - I might just be crabby today and my other members get a (tiny) vote :-)

  • Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
    12y

    Remember you have terms to an Investor buyer, no Dodd frank, vs on terms to an OO terms buyer, yes Dodd Frank.

    I'd find an Investor buyer, carry paper, and make sure they want a rental, get an affidafit from Investor that they are buying for a rental investment property and Dodd Frank need not apply.

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