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It sounds like a dream come true: sell your house to the person who is currently renting it. By doing so, you can avoid the costs of turning over the property as well as fees associated with selling your home. But is it all positive?

Pros

No Marketing or Real Estate Agent Costs

By selling to your tenant you may not have to hire a realtor at around six percent (this varies by market, but typically three percent goes to the buyer’s agent and three percent to seller’s agent). You also don’t have to prepare your home for showings or open houses. Showing your home can come with many additional expenses, such as cleaning up minor cosmetic fixes, or having to spend money staying out of your house for the day.Read More »

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Now that social media is so prevalent, the question of whether or not to connect with your tenants on social media is more common. Should you accept this kind of request, and if you do, what should you do with the information you can learn?Read More »

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More and more tenants are requesting to pay their rents all at once, for many reasons. Whether they just sold their house, or they want to offer a lump sum due to a poor credit rating, the occasional tenant may want to put a large quantity of cash in your hand. While that sounds like a dream come true, it is important to evaluate why the tenant is requesting this, and if this makes senseRead More »

When_Should_You_Use_a_Real_Estate_Agent_to_List_Your_Rental_12-4-17_SQUARE

As a real estate agent, you would think my response would be “Always!” but here is my unbiased opinion on this matter. Choosing a tenant, although time consuming, is not exactly rocket science; however, there is some skill involved. For this reason, brokers may be necessary to make the lives of property owners easier; but this convenience comes at a cost. Here are a few questions you should ask yourself before you decide to hireRead More »

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When choosing a new tenant, it can be difficult to navigate the information overload that confronts you. You must analyze each tenant's work history, references, number of occupants, and the like. Here are five red flags that can act as shortcuts, and weed out some potentially problematic renters. While these aren’t 100 percent accurate all of the time, they will save you from headaches most of the time! If your prospect does any of theseRead More »

View related threads in the Real Estate & Landlord News Forum »

Recent Educational Articles

injured_landlord_fault Winter Slip and Fall Poll
What happens if someone slips on a snowy or icy walk at your rental property, and then sues for injuries? It depends on who was found to be negligent. Read More »
FSBO_invest_purchase Does Selling Your House FSBO Really Save Money?
Selling 'for sale by owner' does not guarantee more profit in your pocket just because you are saving on realtor costs. Furthermore, while some FSBO do work out well, they are not all equal, as they depend on the house and the market. Read More »
Halloween_Decoration-Housesq Tenants Overdoing Halloween Decorations?
A realistic dummy laid on a lawn in Michigan each Halloween caused panic when passersby didn’t realize it was a prank. Many thought someone was seriously hurt and called 911 as the homeowner giggled inside the house. A much more gruesome scene, hosted each October on a front porch in Texas, included a child’s crib filled with zombie babies. And, in Illinois, a homeowners association felt compelled to enact new rules about Halloween displays after receiving complaints about a home whose decorations included 2,000 lights that blazed for weeks. Read More »
How_Does_Eviction_Work_SQUARE How Does Eviction Work?
More rumors surround the subject of eviction than perhaps any other rental topic. Landlords and tenants alike seem to rely on word-of-mouth information, which seems rather inappropriate considering that the eviction process follows fixed guidelines. States and local municipalities set these guidelines, and very few are identical. One feature of virtually all eviction laws is a requirement that landlords give tenants written notices before filing eviction court cases. This is where things get confusing. It takes more than a notice from a landlord for a situation to become an eviction case. A complaint must be filed in court for a case to be officially recorded. Read More »
Should_you_rent_to_family_and_friends_SQUARE Should You Rent to Friends and Family?
New landlords often consider dipping into the pool of family and friends to fill vacancies in their rentals. After all, these people are known entities, whereas complete strangers come with unfamiliar histories. Why, then, do some experts advise landlords to steer clear of relatives and pals? The easy answer is that doing so carries unnecessary financial risk. Specifically, landlords risk lost tax deductions and lost profits. Here are some measures to consider if you are thinking of renting your property to some friends, or your adult children, or other relatives. If you have already leased to family or friends, see if you took the proper precautions to protect your investment. Read More »
Real_Estate_Investing_Tips Real Estate Investing 101 with Industry Expert Paul Cohen, Esq.
Two real estate attorneys and two real estate investing experts answer common property investing questions from financing to taxes to repairs. Read More »
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