All Forum Posts by: Dave Van Winkle

Thanks to everyone who responded. It was all helpful and made the conversation much easier with my tenants. I shared with my tenant and they responded well. Though they won't be buying the place, we reduced their rent a little bit and they are happy to show. Goes up for sale this week so hoping we can sell for a good price and quickly! 

Hi BP - I'm a new investor and still learning a lot so would appreciate any insight you have. We live in Chicago and own a condo that we have rented for almost 3 years to very good tenants. We had intended to hold the property for another 5-8 years because the part of Chicago we are in continues to appreciate and develop. We see rents increasing but also don't see our tenants leaving anytime soon.  That said, with COVID-19 coming the market seems to have actually improved because inventory and rate are low. We sense the market will eventually drop and we could use the cash so are considering selling in the next 3 months so that we can capitalize on the market and since we lived there 2 of the last 5 years would not need to pay taxes (I think that's true).

How would you go about that conversation with a tenant? Would you try to show and sell the property with the tenant in it for a discount on rent? Or would you just try to buyout the remainder of the lease? If they refuse to help at all till end of lease do I have any recourse? Lease ends at the end of September and need to sell by October.