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Updated about 5 years ago,
Best way to sell home with existing tenets - Ideas welcomed
Hello All,
I have a home that we are ready to sell, due to ROI and life.
Home Value is $225K
Mortgage is $93K
Rent is $1100
Area rent ave is $1100-$1250
Things to consider
-Current tenants have been excellent renters for the past 5 years.
-Current tenets do not have the best credit
-tenets do not have 20% down payment
-If I increased rent to the max $1250 i see them moving
I would like to sell to the existing renters to reduce the sales fees and the head ache of having to list and move them out to paint, replace carpet, etc, plus they are really good people
Im seeing my options as:
1: Normal sale...and move them out(realtor said not to many investors in the area are paying $225k for a $1100 a month profit)
2: offer to them and hope they can figure out traditional financing
3:?????
I’m open to ideas. They are good people and I’m not trying to rip them off....but also not trying to lose thousands and a bunch of time.
Thanks for your input!!!
-Gabe