Rental Property Investor · Member since 2019 · 5 posts · 1 vote
I started off with 3 houses on a lot and another house two lots down. Later I was able to buy the vacant lot between for a grand total of about 2.4 acres.
All the houses are in bad shape. I've torn one down and I've prepped another for demolition, but tearing down houses is crazy expensive. That leaves me with 2 houses, both rented but one of them needs to go too.
All this is close to the end of a dead end street. It's usually quiet even though the overall neighborhood isn't great. Across the street is a big embankment, so no houses or land, but there are several three story apartment buildings on that next street.
Now I'd like to sell.
I originally wanted to put apartments or several houses, but not anymore, cuz I want to do more hiking, biking, and Netflix-ing, and less scheming.
So do I sell as a rental property or as land? I usually use a RE agent for sales, but I'm not sure how to pick one.
I think the answer is going to be somewhere in between. If any of the houses are in a good enough shape to still be usable as rentals, you would sell as a rental property as that will get you a higher price. If the houses are beyond gone, you probably would lean more into the land sale. You also can sell individual lots instead of all together. If a house on a lot is fine, sell that as rental, and sell the lot with the demolished house as land.