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I have a list of things I would like in a home and so far there is nothing in my price range for for sale today. But I did look at some rentals in my choice neighborhood that fit the bill. But they are for rent, not for sale.
Has anyone contacted the owner of a rental house and got them to sell their home? (I don't want to rent it, I want to buy it.)
I did this with the first property I bought to live in. The owner said it was interesting because he and his wife were just starting to think about getting out of the rental business as they were aging and did not want to be responsible for continued maintenance (lawn care and handyman work that they did themselves) in their future. They proposed a price based on the average of 3 appraisals. They also owner financed for 5 yrs.
As a Landlord I get contacted by wholesalers ("We buy Ugly....etc.") quite frequently. I am not interested in selling my properties below market. But I would certainly consider a fair market offer. So go ahead and try if you are willing to pay market price!
It depends on the owners' situation.
The last one I called was not interested, but said she would have to do a 1031, and really didn't want to trade properties.
Just like most things it depends on the owner. I wouldn't but I'm youngish and just getting started. If values had gone up enough I may consider it but I would need to buy a replacement and do repairs/updates on the replacement to make it worth my time. The sale price would have to net me at least that and my oldest home, I have townhomes I would never sell, I've had for only 5 years. At 5 years I have just begun to break even on what I've put into it. Every home I have I've put 35% down plus I repaint inside and out, new carpet, appliances, countertops, faucets, toilets, and add (why are there so many homes in Phoenix without fans in the bedrooms) or replace all ceiling fans. It takes me about 5-7 years to recoup that investment so it would have to be a good offer, but that is just me.
As a Landlord I get contacted by wholesalers ("We buy Ugly....etc.") quite frequently. I am not interested in selling my properties below market. But I would certainly consider a fair market offer. So go ahead and try if you are willing to pay market price!
........Has anyone contacted the owner of a rental house and got them to sell their home? (I don't want to rent it, I want to buy it.)
I get contacted several times a week.
I did sell one last summer. The tenant who lived there gave me a really good offer.
The trouble with selling a rental is that I have to 1031 or else pay a huge income tax amount. If I am going to exchange it, then it doesn't make any sense to exchange unless i can exchange for something better.
I have to pay commissions, fees, and closing costs on two properties. So, unless the offer is generous, it makes no sense to sell. I'm not going to sell it and replace it with something worth less.
(If I had a property that was a dog, I'd be happy to dump it, but I don't have one of those and if I did, I doubt that OP is looking for that kind)
Last edited by oregonwoodsmoke; 11-22-2015 at 09:46 PM..
...The trouble with selling a rental is that I have to 1031 or else pay a huge income tax amount. If I am going to exchange it, then it doesn't make any sense to exchange unless i can exchange for something better.
I have to pay commissions, fees, and closing costs on two properties. So, unless the offer is generous, it makes no sense to sell. I'm not going to sell it and replace it with something worth less.
(If I had a property that was a dog, I'd be happy to dump it, but I don't have one of those and if I did, I doubt that OP is looking for that kind)
It can't hurt to ask. I would make sure they know that you are pre-approved for a mortgage and you won't be seeking any extra headache sort of situations like rent to own if you want them to take you seriously. Then see what they say--someone may take you up on it!
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