There are several reasons why you might want to sell your rental property. Some of your reasons might include: Selling a house is already a nerve-wracking process in itself, but adding tenants to the equation makes it even more complicated. 1. I need or want the cash. 2. My rental house is under-performing and I need to cut my losses. 3. I am relocating soon. 4. I am planning to buy a new house. 5. I am tired of dealing with tenants. 6. My tenants aren’t paying me! 7. I am doing a 1031 tax exchange. Whatever the reason you might have, you’re free to sell your rental property any time you wish. However, selling a house with sitting tenants is not as simple as selling a vacant house. If you plan to sell a rental house, the tenancy shouldn’t be affected. While you can terminate a month-to-month tenancy by giving the tenant 30 or 60 days’ advance written notice, you cannot terminate an ongoing lease simply because you want to sell the house. Typically, you have two options: Option 1: Wait for your lease agreement to expire. Since selling a house with tenants can be quite a tricky situation, most real estate experts advise homeowners to wait for the lease to expire before proceeding with the sale. Tenants can make or break a sale, so some just opt to wait it out and sell the house vacant. Although this option is not always practical for the your finances, waiting can be your best bet especially if you have disgruntled and difficult tenants. If your tenant only has a couple of months left on the lease and you really need to dispose of the house right away, then you can try to negotiate a settlement to get your tenant to vacate your house. However, your tenant is not obligated to agree to your terms. If the other party disagrees, you have no choice but to wait for the lease to expire. Tenants in the Bay Area are also privy to buyouts and the asking price usually isn’t cheap, especially in areas such as Berkeley and Oakland where rent control laws are strong. Option 2: Sell your house while the tenancy is still ongoing. If you have a good relationship with your tenants, selling your rental house while they’re still there can actually be beneficial for you. Selling a house with tenants in place is a practical idea if you rely on rental income to pay the monthly mortgage. Also, since the house is already furnished with your tenant’s belongings, you don’t have to spend and make an effort to stage it. Your tenants can even help you show the house to prospective buyers, provided you have given them proper notice in advance. On the downside, opting to sell a house with an ongoing lease will greatly limit your prospects. It’s difficult to find buyers that will let the tenants live in the property until their contract expires. Handling a month-to-month tenancy According to Landlordology, if your tenant is on a month-to-month agreement, all you need to do is give your tenant proper notice. This involves mailing or delivering a letter to your tenant 30 days before you’d like them out. The required notice period varies from state to state, so be sure to look up your state’s policy here. You don’t need a reason to terminate a month-to-month agreement, hence why it is called a “no cause” termination. You don’t have to tell the tenant why they need to vacate unless you want to. These are the easy situations. So, what’s the best way to sell my house with tenants? Professional real estate investors buy houses with tenants, so they can be your best option if you need to sell the house quickly. Selling to an investor such as Skye Homes should be the first thing you consider as many new or beginner landlords are not buying new property here right now because the numbers don’t make sense. We will buy your house with the tenant still occupying the home and will work with the tenant to either continue renting as-is or offer. If you can afford to do so, you may consider a tenant buyout, also known as “cash for keys” if comparable housing is available and they desire a move. Sometimes this can be difficult if they are behind on rent or if there is bad blood. If your tenant is on a month-to-month lease, you may decide to give them notice and list with an agent. If time is on your side and you want to pay real estate commissions, that may be your best bet. What Will Happen Once Your Tenanted House Has Been Sold? Once your rental house has been sold, your buyer now becomes the new landlord. Should the new owner wants to occupy the house or use it for other purposes, then they should work with the tenant in good faith. If you need to sell your rental house with tenants, give us a call at 877-210-6460 or fill-up the form below. We at Skye Homes can offer you a fair, no-obligation estimate for your property. We buy houses all around Bay area regardless if it has tenants or not. Learn more about how Skye Homes helps house sellers like you through this process.
Category: Rental Property
What To Do With Tenants Who Don’t Pay Rent
Do you have tenants who stopped paying their rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about what to do as a landlord when your tenants stop paying rent… What To Do With Tenants Who Don’t Pay Rent If you have tenants who aren’t paying rent then you’re facing the same dilemma that many landlords go through at least once. It’s frustrating and unfortunately, your options are limited. Of course, the best defense is a good offense – meaning that if you are careful about doing a background check on your tenants, and if you have a contract, then those things will help you. But here are your other options… #1. Avoid the situation You could avoid the situation and hope they pay. This is definitely not the best option but it is an option that many landlords take. You can just ignore it and hope they’ll pay on time next month and maybe even catch up. Frankly, it may not happen (it rarely does) but it could happen so we’re including it here as a possibility. When dealing with tenants who don’t pay rent, we don’t recommend this strategy because it opens the doors to the possibility that your tenant will take advantage of you. #2. Negotiate You could negotiate with them because maybe they just need a different payment schedule. Not everyone can pay easily each month; some renters can pay better by the week because it’s a smaller payment. Or maybe you can get them to do some work around the property in exchange for a discount on the rent. If you choose to negotiate with your tenant, make sure you get an agreement from them that works for both of you, otherwise, you’ll just feel even more frustrated! A great option is to have them pay the full amount but in two monthly installments. Over the course of a year this results in two extra payments. Use this as a way to help them get caught up with past due payments. #3. Evict You can try to evict them, although be aware that this can be a complicated, time-consuming process that may involve some legal hassles too. Eviction is very difficult to do, especially since many laws favor the tenant over the landlord, especially in CA. It may be worth doing this in the long-run, though, if you can get a paying tenant into your rental property. #4. Sell Another option is to sell. If this is just one of many frustrations you’re facing with your rental property then it could be your best option! Just imagine selling the property and getting on with your life – and not having to deal with tenants their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell. At Skye Homes we buy frustrating rental properties from landlords like you who are burned out, worn out, frustrated, and who just want to get their lives back. Click here now and fill out the form or give us a call at to get a fair fast cash offer from us today.
What To Do When Tenants Trash Your House
An unfortunate but regular occurrence Do you own a rental property? Did your tenant leave it in less-than-perfect condition? It happens! In fact, it’s an experience that probably every landlord has faced at least once. If you looked at your empty rental property and said, “Help! My tenant trashed my house” then here are some things you can do about it… Is it worth going after the tenant? You need to first assess the damage and decide if it’s worth going after the tenant. Unfortunately, it often isn’t worth the hassle because it may be a time consuming and even expensive effort to get the tenant to pay you back. However, if the damage is significant enough, you may choose to do this. Hopefully, your damage deposit covers the amount of damage but with the cost of construction these days, that’s not always the case. A few thousand dollars doesn’t go a long way anymore. Is it worth repairing the damage? The obvious answer is ‘yes.’ From holes in the walls to missing toilets – we’ve heard of just about everything you can imagine. Sometimes a bit of drywall and paint will fix the problem, in which case you may want to fix it up and rent it out again, and then just accept the inconvenience as the cost of doing business. However, the damage may not be worth repairing. If you are planning to re-rent the house or list it on the market then your best course of action is to fix the repairs, even if the amount exceeds their damage deposit. You could rent your house to a handyman One little-known option that is actually really helpful is to find a handyman who wants to rent the house. In exchange for a discount on rent they can fix up the house for you to make it a nice rental property again. Make sure you have a timeline all spelled out, though, to avoid then staying too long without a lot of work getting done. All work should be agreed upon up front and documented. You could sell the house Another option is to sell the house and move on from owning a frustrating rental property. However, be aware that if you try to sell the house on the open market, you may have to fix it up first in order for the agent to list it. Another option is to sell privately to a house-buying team like ours. We buy houses in as-is condition and we’ll fix them up ourselves. So when tenants trash your house, fear not. You have options! To get a fair cash offer for your property, no matter what condition it’s in, just get in touch with us and we’ll give you a no-obligation offer and we can even buy your property from you fast. Click here now and fill out the form or call our office at and we’ll get back to you right away.
7 Things to Consider When You Inherit a House in Bay Area
Inheriting a house can be a blessing to some and a burden to others. While many people decide to move into the home they’ve inherited, others aren’t sure what to do. They’re already processing the emotions of grieving the loss of a loved one. It’s a difficult time as it is. Let alone figuring out what to do with this property you’ve now acquired. Do you rent it out? Do you sell and part with a piece of your family’s history? Skye Homes – cash home buyers in the San Francisco Bay area – get a lot of calls from people who have inherited a house and are wondering what to do next. Although we’re home cash buyers in the Bay area, we can also help you determine the best option for your situation. Here are 7 things to consider if you have to decide between keeping or selling an inherited house. Is the Mortgage Paid Off? If it Isn’t, You Have to Pay It Did the person you inherited the property from have a mortgage at the time of their death? If they paid it off and there’s no current mortgage, that’s great! If there’s still a mortgage on the house, it’s your responsibility to pay it. Especially if you intend to move in or rent it out. Some banks may have you assume the loan. Others will require you to refinance into a new loan. It could be problematic if you don’t qualify for a new loan. READ: What Happens If I Inherit a Property With a Mortgage If You Want to Rent It Out, Be Prepared for Extra Responsibilities Many people who inherit a house see an opportunity to rent it out for extra income. Keeping your inherited home as an investment property is a great idea IF you’re prepared to deal with tenants and the hassles of managing the property. If property management, maintenance, and rent collection aren’t your thing, you could look into hiring professionals to handle those tasks. If you’re unwilling to hire anyone for those services, consider cashing out now by selling your inherited house. READ: How Hard Is It to Manage Rental Properties With No Property Manager? If You Want Top Dollar on the Market, You’ve Got to Put Money Into It If you’re going to put your home on the market, it’s rare to inherit a property that’s been perfectly maintained and updated. It’s usually a home that’s seen some better days – maybe a few decades ago. You’re going to have to pay for repairs or updates to get your asking price. If you don’t want to deal with renovations or repairs, remember, we buy houses in the San Francisco Bay area in “as-is” condition. READ: What Renovations Will Pay Off When I Sell? Your House Can Be on the Market for Awhile There no telling how long it will take to sell an inherited home. Not everyone is in a situation where they can wait weeks, months, or even a year sometimes. If you put the house on the market, you also have to remember that you’re responsible for the payment of utilities, homeowners insurance, property taxes, lawn care/maintenance, or any existing mortgage until the house is sold. This is why you need to move swiftly when inheriting a house. Selling directly to a real estate investor is often your quickest option to unload the property in “as is” condition. Otherwise, significant costs can accrue and the home sits vacant at risk of being vandalized. READ: This Is How Long It’s Going to Take To Sell Your Home Property Ownership Is Expensive Like we mentioned earlier, inherited homes are rarely in stellar condition. Most inherited houses are in need of major improvements. If you opt to either move into the home or rent it out, have a property inspector give you a rundown of the home’s overall condition. It’s important to know how old the roof or furnace is. It’s important to know everything is structurally sound. Property ownership comes with surprises. Surprises can wreak havoc on your bank account or credit line. READ: Why Owning a Home Is More Expensive Than You Think What’s the Market Like? If the area has rising property values, it might be best to hold onto the inherited house for a little while. While it’s certainly understandable that you’d be more inclined to sell if you really need to unload the property or need the money now, investing in real estate is fun. It can also be pretty lucrative. Sometimes a little pause or hesitation will actually reap you a bigger reward if you truly know how to read the market. READ: 8 Neighborhood Features That Increase Your Home’s Value The Taxman Cometh & The Taxman Taketh Away Don’t forget to seek the advice of an attorney when it comes to your inheritance and taxes. Potential property and income tax implications need to be discussed prior to deciding if you’re going to move in, rent, or sell. READ: Tax Consequences When Selling a House I Inherited in the Bay Area Want a Cash Offer On Your Inherited House? Let’s Chat! It’s important to weigh all of your options when deciding what to do when you inherit a house. If you’ve inherited a home in the Bay area, Skye Homes will be more than happy to share our knowledge of the market with you. We’ll assess the property’s condition. We’ll then help you determine the “as is” cash value, the highest sales price the market will bear, and the projected value and costs of maintaining the home as an investment property. Call or text us at 510-220-0712 or submit the form at the bottom of this page and we’ll call you!
The Surprising Truth Of Being A Landlord In the Bay Area
Do you own a rental property in the Bay Area? Make sure you know the surprising truth of being a landlord in the Bay Area because it’s not always what you think it’s going to be… Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be? Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in the Bay Area: You give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy as a landlord. There’s the work required Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it. That means: no more vacations, either, because what will happen if the toilet overflows while you’re in a different country? There’s the time Some landlords try to own a rental property while they have another job but many discover that it’s just as time-consuming… it’s like having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another and you may simply not have time to work at your other job… and that’s with ONE rental property. Landlords who own two or more are even busier. There’s the cost Rental properties aren’t cheap. Sure you get some rental income from the tenant but you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs add up and the financial rewards of owning a rental property may not be there for you. There’s the stress When you add up all of those things so far, it equals STRESS! You’ve got so much to juggle with the rental property, and you worry about it constantly, and perhaps you even fear opening the mail because you may find bad news in the next envelope. That’s no way to live. If you own a rental property and want to get rid of it, we can help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours? Click here now and fill out the form or call our office at and we’ll make you a fair offer today.
4 Ways To Deal With A Frustrating Tenant In the Bay Area
Are you a landlord with frustrating tenants? You’re not alone. Many landlords find out the hard way that they have frustrating tenants in one of their rental properties. In this article, we’re sharing 4 ways to deal with a frustrating tenant in the Bay Area and in the 95132, 95127, 95035, 95123, 95111, 95121, 95122, 95116, 95133, 95112, 95131, 95110, 95125, 95118, 95134, 94565, 94509, 94520, 94518, 94523, 94596, 94070, 94531, 94303, 95124, 94545, 94561 zip code. If you own a rental property, sooner or later you’re going to deal with a frustrating tenant in one of your properties. Maybe they trashed the property, maybe they never pay rent on time, maybe there are too many people living there, maybe they just call you for every little thing. No matter what the situation, tenants like that will eventually rent your property. Here are 4 ways to deal with a frustrating tenant in the Bay Area when it happens it to you. Try to convince or negotiate with your tenants You can try to reason with your tenants and explain that you provide a service so they need to pay and treat it properly. Perhaps your tenants don’t realize they are inconveniencing you or maybe they’re not paying because they need a different payment schedule (such as weekly instead of monthly). Evict your tenants Evicting tenants can be tricky and even legally complicated but it’s an option for you. Laws often favor tenants over landlords so you might have an uphill battle but in the long run it could be worth the effort to get them out of your property and instead get someone into your property who is a better tenant. Explore other legal options In some situations, you may be able to explore other legal options, from suing your tenants to getting their wages garnished. It all depends on the situation and the laws governing that situation. Of course, you may need to work with a high priced attorney to do this but sometimes it’s worth the expense just to get bad tenant out of your rental property. Sell your property If your tenants are a real hassle and causing you a lot of stress and expense, then you can always sell your property. In fact, a lot of rental property owners that sell to us do so because of the frustrations they face dealing with tenants. Depending on who you sell to, you may not even need to evict your tenant first (for example, in many cases, we just buy and evict for you). For rental property owners with family living in the rental, this is an ideal solution. If you want to sell your rental property to us and finally get rid of the hassles and headaches, then get in touch and let us know about the property so we can make you an offer. Click here now to fill out the form or call our team at .