4 years ago, my friend bought 4 rental units. He has had nothing but problems and it's getting worse. Tenants don't want to pay rent, he has to go to their doors in person to get them to pay, he has to miss time off work to go to court to evict them, tenants are constantly calling him to fix things, he's doesn't get to spend enough time at home with his wife and children... etc. He wants to get rid of the properties altogether. The properties have been for sale for 6 months now, and no one has interest what so ever in them. What can my friend do to sell the properties? He said that there's nothing he can do but advertise and just wait for someone to purchase them. But, isn't there something else he can do?
2007-07-16 04:45:04 · 6 answers · asked by ☆skyblue 7 in Business & Finance ➔ Renting & Real Estate
Nope. He's not my husband. I've never been married.
2007-07-16 07:06:17 · update #1
Yeah, he can go to a Real Estate Agent and they will do all the leg work for him, advertising, handleing escrow etc. They will get a 3% commission from the sale, but hes losing money every month that it could be sold (time = money) if he sits on it for a few years, it doesnt matter how much he gets from it, it wont be worth it. Have him contant a real estate company like Century 21, RE/MAX etc. Itll get sold quickly.
2007-07-16 04:51:13 · answer #1 · answered by malachi_1616 3 · 1⤊ 0⤋
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2016-07-18 22:21:44 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If the tenants are still living in the properties it will most likely be very difficult. He may need to evict to empty the property then most likely he will need to put some sweat equity into them. Fix any obvious damage, repaint, possibly re-carpet and clean them up. The profits may already be gone, Try to let them go at market value and cut the losses.
2007-07-16 04:55:07 · answer #3 · answered by Devin's mom 4 · 0⤊ 0⤋
He needs to take a bath, and sell the properties at way below market value, OR he can hire a property management company to take care of things for him. The PMC will take a nice chunk of profit out of his pocket, but he will never have to knock on doors for rent, or fix a leaky pipe again.
2007-07-16 04:50:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Nope. Your friend is correct. What else CAN he do, if no one is interested in purchasing ? In order to get out of a rental investment, you either abandon it, sell it, or keep it operating.
Is this 'friend' by chance your husband ?
2007-07-16 05:50:55 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
He needs a Realtor!
2007-07-16 04:53:16 · answer #6 · answered by Mimi 6 · 0⤊ 0⤋