Thinking of Selling- Options?

2 Replies

Hello Everyone,

I have a triplex in Indiana near a major college that was in rough shape but I have been remodeling as tenants move out.  We have done two out of 3 and the 3rd just moved out this month so an update has started.  Current renters pay $870, $650 and the 3rd that just moved out was paying $700.  After updating it should rent out at $870 (mirrored unit as the other that is at $870).

I've enjoyed bringing this complex back to life and have a couple other options to do the same to others but would need to dump this one in order to do so.  

I've seen mixed feelings of selling when people do or do not want to inherit tenants so I was looking for some opinions on the following:

  - Sell now figuring remodel will be done upon closing allowing the new owner to pick tenant

  - Wait to sell until renter is in place and advertise as a "turn key with renters in place"

The complex has been professionally managed and I'm thinking sale price would be about $220k.

Thanks!

@Ryan Kinsella I think the key will be in finding a great realtor that works with investors. You can get it on the market for 30 days to see of it sells. If you start your renovation will keeping it on the market with the after repair selling price. If someone buys before you finish up they can pick the new tenant. If not you can move forward with continuing to manage the property.