Thinking of selling my investment condo
I have a 2 BR / 1BA condo in Plaistow NH which I'm considering selling. I've owned it for about 3 years now. I think I can get $180K - $185K for the condo. The current tenant pays $1500 a month in rent and would like to stay there. If I sell, I'm thinking the tenant will need 60 or a 90 day notice if the new owner wants to live there. I haven't raised the rent in 2 years. The HOA is $290 per month.
The current tenants never signed the renewal lease last year (2021) and I never enforced it. (I know, this was dumb). Just wondering if I should make them sign a lease now, or does it really matter if I'm going to sell it? I have not yet let them know that I am going to put it on the market or find an investor who will let them stay there. Still thinking about it, but if you are an investor interested in it, please feel free to reach out to me.
Most Popular Reply
Hi Glen, So are the current tenants month to month? If they are I personally wouldn't have them sign in order to allow more flexibility when selling your Condo to potential owner occupants. Just my two cents. Good luck with the Condo!