Birth of a Landlord
Hey guys, I have been working on a unit for the past three months. The rehab has been going pretty slow because of some minor set backs. I am getting ready to sell the house, after I finish it up. Does anybody know what the rental cut off is if it doesn't sell?
For instance: if the property goes longer than two more months without selling, rent the unit out.
Has anybody been in this situation before??
What I have done in the past, is to list the property for sale and at the same time engage a property manager to rent the property.
My listing agreement with the real estate agent calls for unconditional release if I rent the property.
Both the real estate sales agent and the property manager know that they are in a race. If the sales agent brings me an acceptable purchase offer before the property manager finds a qualified renter, I sell the property. If the property manager is first with a renter, then I cancel my listing agreement.
I have done this twice, and both times the property manager found me a renter before the sales agent found a buyer.
DaveT, If your houses were rented out quick, what type of house is it? High end 200-250k Middle 100k-200k or low end < 100K?
How much does the house appraise for? What are you asking? What are the houses selling around it sell for??