JACKSONVILLE · Member since 2017 · 19 posts · 3 votes
I want to sell my condo, with the existing renter lease as it is, So that would be a positive for the buyer. How do I discuss with renter and arrange showings.
I have a good renter and don't want them to be looking for another rental, Don't want to lose rental income before selling the condo.
Rental Property Investor · Oceanside, CA · Member since 2018 · 78 posts · 60 votes
7y
It all depends on if you have a HOA that's willing to work with you.
Generally speaking, buying a pre-occupied property is a win-win. If you are using an agent then it's easy, just talk to them and talk to the tennant, they will usually schedule a week in advance for a showing.
Feel free to connect with me if you have any more questions!
Rental Property Investor · Oceanside, CA · Member since 2018 · 78 posts · 60 votes
7y
It all depends on if you have a HOA that's willing to work with you.
Generally speaking, buying a pre-occupied property is a win-win. If you are using an agent then it's easy, just talk to them and talk to the tennant, they will usually schedule a week in advance for a showing.
Feel free to connect with me if you have any more questions!
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
7y
I think your strategy is wrong. There aren't that many buyers who want condos with a tenant in place. The majority of the buyer pool wants a vacant property that they can live in. Therefore, there is a high chance that you will not maximize your selling price.
I appreciate that you like that renter, but you will have no economic interest in them, because you are selling the property.
Last, it is common that a tenant gets nervous when their landlord is selling the building, leading some to vacate. Strong communication with this tenant is a must.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
It depends on whether the buyer for your condo is an investor or an owner occupant. You need to find out if the condo is financable with fha or conventional....fha has requirements and conventional has requirements....mostly with the percentage of owner occupants verses owner’s, percent of units deiquent on hoa dues, etc. If it is not, then your likely buyer is an investor.
JACKSONVILLE · Member since 2017 · 19 posts · 3 votes
7y
Thank you all for your inputs and suggestions
It is a townhome and eligible for fha conventional, Lease is up for renewal in 2 months, I am planning to mention to the renter about possibly selling and will continue leasing on a month to month, will connect the realtor to them for showings.