All Forum Posts by: Scott Rovner

Quote from @Richard F.:

Quote from @Scott Rovner:

 I am not looking to sell right away. I have spoken to a few professionals and they recommend waiting until closer to the end of the lease to put things into motion. I don't anticipate any trouble form the tenants they have been extremely good thus far. With zero issues. I was planning on offering them first and then going from there. 

 Don't wait to inform the Tenant and try to delay putting on the market. Much better if Tenant is given a longer time to relocate, knowing they will not be forced to "settle" for something less desirable due to LL imposing a penalty for breaking the term, or only having the 30 day (or whatever local law provides) period to find something.

Also, don't give it away to the Tenant to "save" a commission. You need to properly evaluate the true market value, including the "after" value if you were to follow my earlier advice of freshening up the place with minimal updates that will give you a great "bang for the buck". The "hassle" of doing this can make you tens of thousands of dollars.

The house was improved prior to renting it out. Paint, floors, deep cleaning, updated electrical. The tenants have kept it up very well. Again the lease is up in 9 months. I know the timing isn't the best but it is what it is. I was planning of waiting until early 24 to put things in motion with informing them and so forth, giving them 5+ months to look for a new residence. 

Quote from @David M.:

@Scott Rovner

Not sure what your landlord / tenant laws are in PA, but your best bet would be to generally get them out.  With so many people "rate locked," I think our general market will still stay strong.  So, your best value would be to sell for an owner-occupied.

I would say, however, 1st offer to your tenants to purchase.  Maybe you can work out something.  Saves the hassle of prepping it for sale, realtor commission, etc.

A more "die hard" landlord would say just sell it, and make it their problem to find another place to live (according to legal lease agreements).  But unless your back is up against the wall for the money, lets face it -- its just not very nice.  Also, even the rental market is a mess.  I'm doing the same thing, slowly liquidating my properties for the same reasons.

Since your timeline is 12-24mo anyway, nothing wrong with waiting a bit.  They are still paying you rent, right?

 I am not looking to sell right away. I have spoken to a few professionals and they recommend waiting until closer to the end of the lease to put things into motion. I don't anticipate any trouble form the tenants they have been extremely good thus far. With zero issues. I was planning on offering them first and then going from there. 

I have a first time time land lord. I am fortunate to have a wonderful tenant in place. I am considering selling my property. The lease expires 6/30/24. I should have 200K plus in equity. My living situation is i rent a house with mt wife and 3 young children. My in law also live with us about 6 months out of the year. within the next 12-24 month and am looking to buy a larger home that can accommodate all of us. I am hope interest rates will be more manageable by then. My cousin and I are also looking into going in together on an airbnb property in the poconos. With the profit I can potentially get back I'd have more than enough to accomplish this. My main issue is should i sell while it is occupied or wait until the lease is coming up. I was planning on seeing if they are interested in buying it first. Any thoughts would be greatly appreciated. Thanks

Quote from @Laura Pollera:

Scott if your parents need help getting the place rented have them give me a call. 

 not sure where that is coming form. I currently have 1 property I am renting out. I am currently living in a 3 bedroom townhouse that my wife and I are renting. I was curious if anyone has any info on the possibility of turning that into a arbitrage. The area is great close to pretty much everything you can think of. 

Yes, right now i am just kicking the tires on it. I am waiting to hear back if the landlord would be open to it. But I think the property and area have a lot working in its favor

yes the location really is great. I am right near West Chester university and close to Chester county hand Paoli hospitals. There is endless shopping, eating within minutes of the property it is also right by major roads and highways 

I am in West Chester PA. I currently have 1 rental property and am living in an end unit town house that I am currently renting. The HOA does allow short term renting. Is anyone familiar with the area as for as renting short term?

I am in West Chester PA. I currently have 1 rental property and am living in a rental. It does have an HOA so I asked them about there stance on an arbitrage situation. Does anyone here have any familiarity with short term rentals in this area?

UPDATE!

We have found out first tenant. income and credit are great. The were even willing to paying 150 a month over asking. They move in 7/1/23. This is extremely exciting. I should u be cash flowing about 1100 per month. I just want to thank everyone for all there words and advise thought this.