Walk Away From Rental Property

9 Replies

After 3 years of trying, I'm finally fed up with being a landlord. I don't even want to go to the building to check on it. What is the best way to get out of this QUICKLY, like in the next week? I don't want to be attached to this property at all, but I want my mortgage paid. That's it. I thought about shutting off the utilities and letting it go into foreclosure, but that's a whole other legal issue with the tenants.

Any suggestions?

@Ray Harrell Why are you fed up? Are you losing money? How many units do you have? all in one building?

Contact a real estate agent and put it up for sale-- don't destroy your credit unnecessarily. You won't sell it tomorrow but stuff is selling right now.  Suck it up. You can do it.

Call a handyman and get your doors replaced (I saw your post from yesterday).

@Ray Harrell , put an ad on craigslist. Head out to your local REIAs and network with wholesalers and other investors that may be able to help you out. Investors who are in the full time business of day to day activity of real estate, can find ways to get creative to get you out of there. Sell the property on terms. Offer owner financing, let the investor take over the note by doing a sub-2. There are many creative ways you can get out of this deal. You as the owner have to be willing to think out of the box

On terms and owner financing means I'm still connected to the property, but thanks for the input.

At least in Chicago. Too tenant friendly. 2 months just to get a court date. Tenants talk. They learn u can not pay rent and live rent free for 3 months.