Landlord wants me to sell his house
Hi everyone
I rent a house in east TN that has been for sale on the market since about last July. Recently my landlord asked me if I would like to sell the house for him. He has had it listed with a realtor but it doesn't seem that the realtor has done much to promote the house. I had told my landlord that I have been looking into real estate and that I had recently done a deal. He said he figured that I would be able to do as much, if not more, than the realtor has done for him. I am assuming that his agreement with the realtor in expiring or he's planning on getting out of it somehow.
I'm trying to think of the best way to handle it for him if he does indeed get clear of his realtors agreement. I don't mind trying to sell it for him but I would like to make some money on it of course. The owner basically asked me to consider doing it for him and to let him know how much I would want to make.
He currently has it listed for 130,000 but pulling comps shows it to be worth about 120,000. He's not wanting to drop his asking price and he said that if it doesn't sell soon, that he's going to just "make it a rental". He said this because of the fact that he is renting it to us for about $150 below the market rent . I have thought before that this would be a good situation to get a tenant/buyer in there on a lease option. I did bring that up but he said he just wanted to make a "clean break". I suspect that this may be a scenario that he is more likely to consider after a duration of me pushing the house enough to get a decent amount of interest and he realizes that he's not going to get what he's asking on it.
My question has to do with the method by which I would endeavor to sell this house for him. I don't want to get nailed for practicing real estate without a license so I wonder if anybody has any suggestions on how I should do this. I thought of maybe becoming a principle by getting it under an option agreement that I could assign for however long the owner would like to try his hand at selling, and at the end of which I would suggest trying to get a tenant buyer since he's going to want to start getting market rent at that point.
any suggestions would greatly appreciated!