Can I sell a rental property in Idaho before the lease is up? It does not state whether or not in the lease contract.
Yes. The lease remains in effect.
Therefore, the new owner would have to agree to the lease? So we would have to find an investor to buy the property, correct? Thus, we would not be able to sell to someone who wanted to move into the property as their primary?
What part of Idaho?
Meridian (next to Boise)
Do you currently have it listed or under contract? I would be potentially interested. Thanks
We do not currently have it listed. We are weighing our options at the moment.
@Amber Turner When does the current lease end? If the lease is ending in 4 months or less, you could still list it and if someone wants to buy it for a primary residence, they would just need to know that the current renters would be moving out by x date and if they close before then, they would just pay any rent due to them in the meantime. My wife is a realtor and has shown many houses that were like that situation. The down side though you may not get top dollar if the renters don't keep the place tidy for showings and the potential buyers are at the whim of the renters for showing times as well. So it would probably be in your best interest to wait until the lease ends and let the renters know that you will not be renewing their lease so that it can get fully cleaned and ready for showings so that you can get the highest offers. Of course the downside to that is that you have to cover the mortgage out of pocket for the time it is on the market.
I would be interested in the same property if you decide to sell and would keep the tenants in place.
@Don Spafford thank you for your knowledge. Well appreciated!
I am interested in this & or other DEALS within 50 miles of BOISE>
CASH BUYER HERE
Add me to that list too! I work with several other investors here in Boise and Meridian. I'd be happy to take a look and help in any way I can.
If anyone was interested in the meridian, Idaho property. We do have it up for sale currently. The address is 4546 n. bright angel Ave.
The property went pending last night.
@Amber Turner Just saw your post. I hope you considered 1031 exchange as part of this deal!
@Amber Turner , @Alina Trigub is right on. If you're continuing in your investing career and are thinking to use the proceeds from this sale to purchase more investment real estate then the 1031 exchange is the perfect tool to let you do that and not have to pay tax on the profit and depreciation recapture on the sale.
Yes, we are doing a 1031 exchange. Thank you
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