Investor · Nashville, TN · Member since 2016 · 17 posts · 1 vote
Hello, we are considering to sell a 2016 built Qualplex (2BR1.5BA each) in Murfressboro TN. All four units are tenant occupied. Like to do a For Sale by Owner, any advice welcome? What's the common practice for tenant notification of the sale? What cost should I budget for e.g. real estate contracts, closing agency (title company)?
We sold our vacant SFH investment in Michigan via For Sale by Owner last year.
Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
8y
tenant notification depends on your relationship with them. If they aren't great, just wait until inspection period with buyer is done and let them know. In the meantime, tell them your prospective buyer is an insurance agent or whatever. If they are good, tell them early on and that you will find a good buyer that will take care of them. This will help grease the wheels of the sale in other ways too.
Closing costs are about 400 each side. Title costs are maybe .75% of sale price.