Sell or Continue to Rent
Hi all,
I have some tenants who just gave their 30 day notice that they’re moving. Should I sell or continue to rent?
Their reason for moving: over the weekend, while the husband was in the backyard, someone from over one of the neighbors fences shot him with a BB gun (hit him in the face).
They’re not the type to get the police involved (husband runs a police accountability non-profit) so I know that’s a dead end for me. The wife seemed uneasy with that when I brought it up.
99% chance it’s someone’s nightmare child. I mentioned that they should ask the neighbor who we think it might be, if their child has a BB gun. Most parents would take away their child’s weapon after they’ve shot someone in the face. That would at least stop future occurrences.
So, now I’m wondering, sell the house (and buy a new one) or rent it out.
What do you think? Recommendations?
Anyone can get the police involved. It doesn't have to be the tenant. There are major expenses when it comes to selling and buying properties. If you want to get out of the landlord business then maybe this is a good time. But if you want to hold rentals, then it is better to address this issue and move forward.
That sounds like a resolvable problem. i'd notify all neighbors, maybe install a higher fence and rent it again.
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I'd call the police, but if your tenant doesn't like the police, they aren't going to cooperate with them, so the police won't be able to do anything since there's no evidence...unless there was a witness,..or two.
Having said that, you haven't mentioned the more important reasons to sell or continue to rent it out. What are the numbers with $$$ in front?
Why not explore both options? Selling could make sense with a 1031 and a better performing property.
Or maybe you're sitting on a rental gold mine... Haha
Where is the property?
Oakland, California is a sell yesterday, today, tomorrow and in a future. Unless you have a great cash flow and willing to endure this.
What do you plan to do with the money if you sell? I'd talk to the neighbours. Even of the tenants don't want the police involved, that person needs to know what happened.
Quote from @Steven Groshong:
1. Did you verify he was hit in the face with a BB? It seems unlikely that someone would move because of that, particularly when they're not willing to confront the offending party. It sounds like a made-up story to get out of a lease and you're swallowing it.
2. Why did you invest? If you are investing to build wealth, then stick with your plan. You should only sell when the opportunity comes up to invest the money into a better investment vehicle. If you're just selling because of this one little problem, then maybe investing in real estate isn't your vehicle and you should consider the stock market.
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Continue to rent, now's not the time to sell.
Quote from @Steven Groshong:Hey Steven,
Hi all,
I have some tenants who just gave their 30 day notice that they’re moving. Should I sell or continue to rent?
Their reason for moving: over the weekend, while the husband was in the backyard, someone from over one of the neighbors fences shot him with a BB gun (hit him in the face).
They’re not the type to get the police involved (husband runs a police accountability non-profit) so I know that’s a dead end for me. The wife seemed uneasy with that when I brought it up.99% chance it’s someone’s nightmare child. I mentioned that they should ask the neighbor who we think it might be, if their child has a BB gun. Most parents would take away their child’s weapon after they’ve shot someone in the face. That would at least stop future occurrences.
So, now I’m wondering, sell the house (and buy a new one) or rent it out.What do you think? Recommendations?
You only call the cops if you were there or involved. That is ultimately their responsibility, you can choose what level you want to help them out, but ultimately that’s their responsibility even if they don’t like to get them involved.
Other factors to help you decide to sell.
What’s your Property type- if it is a 1 to 4 unit - it might be attractive to a potential buyer if you have one unit vacant because they may want to owner move in.
The tenants that gave notice, was their rent below market, is this an opportunity to achieve market rent?
is this Oakland, if so what area?
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Real Estate Agent CA (#02145259)
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Get a good properly screened property manager. Worry less.
Quote from @Henry T.:
Get a good properly screened property manager. Worry less.
They do not exist. Property manager has conflict of interests. They will put anyone who "qualifies" to get paid. They do not consider potential tenant's character as a qualification. If you have just a few properties manage them yourself. It is really easy.