All Forum Posts by: Nik Krohn

All,

We have decided to sell. We are going to try selling while the tenant is still in the property. If we struggle to sell it this way, we may be able to work with the existing tenants to move out so we can sell it as a vacant property to move it quicker. 

Ill be able to get the down back and transfer it to another property. Thank you all for the advise. I am glad that I could find validation through experienced people on this great network!

@Jake Winters that is a GREAT idea! The lease was signed in Feb I believe. I have never sold a house while a tenant is living there. How should I approach the PM company or tenant directly? I also do not have a realtor. Should I find someone who has done this specifically with a tenant in the home?

Thanks @Jake Winters, @Lindsey Keller, @Dan Schwartz and others for the advice. I will see if the tenant is interested in purchasing the home. 

If they are not, am I stuck until the lease is up? I know at this point I need to sell asap

Thank you @Stone Jin & @Joel Owens for the advice. 

SFH @Dan Schwartz

@Greg Harriman

Maricopa, AZ. 

@Shmuel Harris Thanks for your comment. I bought the property in AZ as the wave ended. I had a lot of my friends purchase and make 40k in appreciation in 2 years and as soon as I jumped in, it was  the top and has been that way for 2.5 years.

If it wont cashflow or appreciate, then I think I need to move on but scared to do it. I try not to get emotionally attached to any deal but it's hard not to in this situation

@Darren McGillvrey Yes I had them give me a CMA. They "expect" the value to continue to go up. It is the same price I paid.

@Fred Weinkauff Thanks. Robert kiyosaki always says that he sells the dogs as fast as possible to put into another one. I guess it really is a game of averages

Thanks @Jaysen Medhurst. I think im just nervous. All of my other deals have been excellent and I dont want to sell until I can make money. 

Your advice makes sense tho!

I have done 5 deals in the last 5 years and it has been a home run every time except for my first out of state property. 

I purchased a property through a "wholesaler" in AZ. The property looked great but I clearly did not do enough due diligence on the project. I have had the property for 2.5 years and the value has not gone up.

Here are the details of the property:

Purchase Price in Nov 2013: $131k

Current Rent: $845/mo

I pay 8% for property management

Zillow zestament: $131k

Trulia estimate: $139k

I make a little money every month (pretty much a wash) but I am mostly looking on advice if I should just try to cash out (hopefully 20k after realtor fees) and roll that into a better producing property.

If this was your property, what would you do?

NOTE: I just signed a 1 year lease in Feb with a tenant