I had it on the market for a year. I couldn't sell it and am now renting it out, but that will be over soon. What should I do now? Try to sell it again? Any ideas out there?
2007-01-02 07:27:38 · 5 answers · asked by Pjgirl 1 in Business & Finance ➔ Renting & Real Estate
You could rent it again.
Investigate renting it with an option to buy - where some small amount of the rent goes toward a down payment should the tenants exercise their option...what you charge for the option (and how long the option lasts) is up to you, but you'll likely get tenants who plan on staying and buying and who'll take care of the place as though they own it, because they might.
On the other hand, any problems with the condo will become apparent as they're living there and could dissuade them from exercising the option...in which case, you've still come out ahead because you've got the money you received from selling them the option.
2007-01-02 07:42:31 · answer #1 · answered by Jess Wundring 4 · 0⤊ 1⤋
I am a landlord here in MI and you are absolutely right. It is a very slow market in MI. Appraisals on properties are being cut by lenders and the rental market is in worse shape. I have 4 empty apts that have been empty from 1 mth to a 1 yr. The appearance and what I am asking for rent has nothing to do with them being empty. I am below market price and all my properties are well kept and clean. However, I do screen very well.
Keep your current renter if possible. They are not easy to find, unless you want to reduce your rent, and dont care what type of person you put in your home. Hang in there.
2007-01-02 07:48:23 · answer #2 · answered by kimmamarie 5 · 0⤊ 0⤋
I would put it on the market again. Why is it not selling is the question I would ask myself. did you not get any offers at all the first time you put it on the market? Did you get any "lookers" the first time? Does it need any repairs? Did you market it yourself or through a real estate co? Have you over priced it for it's location?
those are just some questions to ask yourself.
2007-01-02 07:37:47 · answer #3 · answered by dkmcb02 2 · 1⤊ 0⤋
Price it slightly below market value and see what happens. Depends on how bad you want to get rid of the place?
2007-01-02 07:33:18 · answer #4 · answered by CEESONE 4 · 0⤊ 0⤋
If your satisfied with tenants sign a new lease. If not, advertize out of state. Many folks look for rentals or for sale from other states. Utilize internet bulletin boards or 'craigslist.org'
2007-01-02 11:42:02 · answer #5 · answered by devil dogs 4 · 0⤊ 0⤋