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Updated about 7 years ago,
Selling rental house-how do I tell the owners?
Hello,
I have a rental property that has a lot of equity in it, and I'm getting almost no return from it. I'm looking to sell it and take that equity and invest it Into a small multifamily(12-16units)
The current tenants have been in the property for two years and have been exceptional tenants(majorly improving the place, always paying on time, not requesting many repairs, etc)
How should I approach them about the subject and what protocols should I follow?
I would love to sell it to them, but I'm not sure they're in a position financially to buy.
Also one of the tenants is a realtor, so I was thinking at worst she'd get the commission for selling it. But also it might make the house more affordable as I could sell it for to cheaper to them as there would be no commissions to be paid?
My mother is also looking to sell her house, and needs a realtor so the tenant could also represent her. Or is it a bad idea to cross mingle affairs?
Any Help with this matter will be greatly appreciated!
Cheers
Barri