Investor · Sacramento, CA · Member since 2020 · 105 posts · 48 votes
Hi I’m looking to sell one of my rentals in CA to move to a higher cash flowing market. My current tenants have been there 10 years. I believe in our market prices may start going down sometime next year so I’d like to sell sooner rather then later. My question is should I try to list it now with renters in there or evict, clean it up, and then post it? Ive also considered trying to sell on an investor market place but I assume the sell price would typically be lower then on the open market - would you agree? General thoughts? Thanks in advance
@Lynnette E. Thanks that’s good advice. Do you have a recommendation on how to determine that?
You could look at Zillow under "for rent" and see if rentals come up very often in the area. Also, ask the neighbors if very many houses in the neighborhood are rentals. Neighbors generally know if there are rentals on the street.
Sometimes just the style, price point lets you know if it is likely to be a rental. Lots of cookie cutter, lower priced houses are more likely to be rentals than if the house is surrounded by custom built unique houses.
Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
5y
Hey Jason,
Maybe take a look at other comps in the area to see if they are selling with tenants in place for a good price. Unless you feel you can get significantly more with them out, I would list it with the tenants. As long as you can list and show proof that they are all paying, you should not have a problem. The market is so hot right now, take advantage of it while you can.
Now if your tenants were able to leave in the next month (not likely) and you could have it cleaned up in a few weeks, then maybe its worth a shot. You also have to consider the winter months, but I am not sure how that affects sales in CA.
Investor · Sacramento, CA · Member since 2020 · 105 posts · 48 votes
5y
@Brandon Rush thanks for the quick reply. Looking at MLS is it possible to tell if comps were selling with tenants? Or is there another way? Sorry for the rookie questions 😁
@Lynnette E. Thanks that’s good advice. Do you have a recommendation on how to determine that?
You could look at Zillow under "for rent" and see if rentals come up very often in the area. Also, ask the neighbors if very many houses in the neighborhood are rentals. Neighbors generally know if there are rentals on the street.
Sometimes just the style, price point lets you know if it is likely to be a rental. Lots of cookie cutter, lower priced houses are more likely to be rentals than if the house is surrounded by custom built unique houses.
Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
5y
If the market for your type of unit is more "rental" than it is "owner occupied", then keep the tenant in place...... if the profit could be maximized by selling it more for an owner occupied property, then it will need to be vacant and remodeled.... that vacancy and remodel will cost $$, time and effort..... but if the numbers work that the $$ spent will net a higher profit, then sell as an owner occupied property
YOU have to determine what buyer market you want to target and where the bigger profit will be