Now out of state, renters until 2019 would like to sell. need adv

3 Replies

I'm looking for some advice. I bought a rental in Dallas, TX when I was living there in late 2014. Bought for $114K, the house is now worth $180Kish.

I have tremendous renters, and renewed them for another 2 year lease in January 2017, the next month I received an outrageous tax assessment slashing my cash flow significantly, while still clearing $300/month.

I now live out of state, but have this rental until 2019. Have any of you ever posed the question to your renters about the option to terminate early and selling the house?

Unfortunately, I do not have an assignment clause in my contract to protect me in this situation.

I really would prefer to sell and find something closer to my new home in Missouri. Before I reach out to them, I wanted to get someone else's take. Please let me know if you've ever done so and things you wish you would have done differently!

@Brad Laramie have a conversation with them and workout a buyout agreement maybe 2k? Keep them in the home until you have an offer. If a homeowner purchased the property and needs to move in then they get the 2k. If an investor buys the property then they can stay But yes you should definitely sell and grab that equity and reinvest it for better use.

This post has been removed.

This post has been removed.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here