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Old 05-06-2018, 09:37 AM
 
169 posts, read 461,023 times
Reputation: 62

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I have a rental home in a hot market.
Was planning on continuing to keep as rental.
Prop mgr said tenant wanted to buy.
Tenant has not responded to price so
now am considering selling anyway.

House is one of 2 basement homes in subdivision.
Comps I was given to determine price are not for basement homes and told basement is worth about 10,000.
It’s unfinished.

Have been told even to rerent need to change vinyl kitchen and bathroom to tile,
carpet, countertops and relatively new white appliances to stainless and possibly replace deck.
Am thinking about a 10,000-15,000 investment.

Have also considered finishing basement which already has plumbing for around $18,000
and possibly turning it into apt to use or rent.

Would you upgrade and rerent or sell or try and sell as is?
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Old 05-06-2018, 11:17 AM
 
Location: The Triad (NC)
26,876 posts, read 57,944,657 times
Reputation: 29313
Quote:
Originally Posted by Jomaark View Post
Tenant has not responded to price so now am considering selling anyway.
When does their lease expire and what are the renewal terms?
In short, selling an occupied property can be problematic.

Quote:
Would you upgrade and rerent and sell as is?
Nope. I'd look for some other landlord type to buy it.
Or the buyers looking for a project to work on.

If it's empty somehow... do a thorough round of clear, clean and fix.
Then do a second round. Hire help too.
Stay focused on the net.
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Old 05-06-2018, 11:20 AM
 
Location: North Idaho
21,011 posts, read 25,807,125 times
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I'm not going to change vinyl out for tile to rent a place. Probably not to sell it, either (depending on the price range for sale)

White appliances are fine as long as they are clean and not ancient. I have never ever had any tenant tell me that they love the house but can't apply because it doesn't have tile floors. As for buyers, a lot of people don't like tile and if they do like tile they don't like every color and pattern of tile. If they want tile, let them pick out their own.

I honestly don't think that the color of appliances makes a dot of difference, not for renting, not for selling. People don't reject a place that they really like because they don't like the color of the appliances.

Now, if your vinyl is faded, torn, weird color, or generally nasty looking, that's different.
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Old 05-06-2018, 11:36 AM
 
169 posts, read 461,023 times
Reputation: 62
Thank you for the feedback.
Lease ends beginning of July.
Still possible they renew.
Vinyl and carpet are due for change so may do just that for renting.
For selling would you recommend doing anything?
Challenge also in selling is home is the 2nd most expensive house in subdivision because of basement.
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Old 05-06-2018, 12:34 PM
 
Location: The Triad (NC)
26,876 posts, read 57,944,657 times
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Quote:
Originally Posted by Jomaark View Post
Lease ends beginning of July. Still possible they renew.
Actually regaining possession might cost you something.
Be prepared to work on that.

Quote:
Vinyl and carpet are due for change so may do just that for renting.
Nope. Even if they're objectively NEEDED... not until the place is empty.
And then? At the low end of LKQ.
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Old 05-06-2018, 12:45 PM
 
10,274 posts, read 6,515,435 times
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If you are in a hot market you don't have to do much to sell. Let the buyer make the upgrades they want and don't buy new appliances you can offer that as a concession if you need to, which you shouldn't in a hot market.
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Old 05-06-2018, 07:18 PM
 
169 posts, read 461,023 times
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I don't think we will have any problem regaining possession. Haven't in the past when tenants have moved out.
What is LKQ?
Aren't planning on doing anything until tenant moves out.
House is paid off.
In a rising market would you keep it as rental or sell?
Home Prices expected to keep rising 5% per year due to tech hub demand in area.
Taxes keep going up too.
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Old 05-06-2018, 08:47 PM
 
6,122 posts, read 3,326,133 times
Reputation: 13007
If I'm buying a house, tile in the kitchen is a negative - wood floors are much preferred. If you install tile and raise the price because of that, you're probably taking me, and others, off the list of buyers. Clean it up, paint if necessary and sell as is.
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Old 05-07-2018, 07:20 AM
 
Location: Saint John, IN
10,638 posts, read 3,324,377 times
Reputation: 12748
Quote:
Originally Posted by kokonutty View Post
If I'm buying a house, tile in the kitchen is a negative - wood floors are much preferred. If you install tile and raise the price because of that, you're probably taking me, and others, off the list of buyers. Clean it up, paint if necessary and sell as is.
Tile vs hardwood is a preference! A lot of people actually prefer tile in kitchen because if an appliance goes out the wood floors will ruin. I think most would prefer one or the other over vinyl floor though! And if you’re in a stare like Florida, tile is a must! Also, if you’re going to do renovations I’d keep it simple. I personally wouldn’t finish s basement just to sell a house!

As far as selling it or keeping it as a rental, no one here knows your financial situation. The market is good now and continues to do well;however, it can crash tomorrow!
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Old 05-07-2018, 09:09 AM
 
Location: The Triad (NC)
26,876 posts, read 57,944,657 times
Reputation: 29313
Quote:
Originally Posted by Jomaark View Post
I don't think we will have any problem regaining possession.
Haven't in the past when tenants have moved out.
Let's hope so. But until they ARE out... you're plans are on hold.
Their RIGHT to renew the lease and remain ...

Quote:
What is LKQ?
Like kind and quality.
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