When Your Tired of Living in an Old House
Whether you’ve bought a fixer-upper and haven’t finished the repairs or lived in one house longer than you’ve liked to, old homes can be irksome. If you’re tired of living in an old house, you have several solutions to help you feel great about your home again. These options include: selling your house, renting your house out, owner financing and much more. Let’s take a close look at these solutions for the old property.
1. Sell the Old House for Cash
The first most obvious answer to resolve an issue with an old house is to sell it. When considering selling your property, you have two options.
- Selling your house to an investor.
- Selling your house with a real estate agent.
Option One: Selling Your House to an Investor
Time It Takes to Sell Your Property
If you sell your house to an investor, you will likely get a fast transaction. If your property is considered residential, your property can be sold to an investor in as little as one to three weeks. If your property is commercial, your property can be sold to an investor in as little as two to six weeks depending on the size of the property and complexity of the terms.
In many cases, the investor is flexible with the closing date in order to help accommodate the owner. This is a perfect option if you are ready to sell but just need another week or two to get some final plans in order.
You Don’t Need to Repair Your Home
If you’re selling your undesirable home to an investor, you can expect to NOT make any repairs prior to selling. Furthermore, depending on each situation, the seller may not have to pay any major out of pocket expenses which include closing costs and commissions to make the transaction a success.
How to Contact an Investor
For those fortunate enough to know family or friends as investors who can take an undesirable property off their hands, they’re lucky. However, most of us don’t know anyone with enough cash to purchase a property in full. Well today, you’re in luck! JT Real Property offers cash solutions for problem properties.
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2. Rent the Old House Out
Become a Landlord
Your next option for the house is to rent it out. If you have a plan to get a new place but don’t want to sell your old one, give being a landlord a shot. Although being a landlord is not easy, you can prepare yourself for success by reading books and absorbing as much information as you can from internet sources like biggerpockets.com and youtube.com.
Just keep in mind, if you do not have a lot of spare cash, this may be a tough option for you. Self renting can be challenging because you may have to make repairs or get the property in shape well enough to make it desirable to a tenant. Not to mention, making it comparable to other properties in the area to get market rate rents. Do a little research to see how your property currently compares to similar rented properties in the area. That should help you get an idea of what you can rent it for.
Sites you can use to find comparable rents are: Zillow.com, Hotpads.com and Craigslist. The closer the location of the similar rental property to yours, the better. Just be sure to match the amount of beds and baths. Do you have any extra amenities?
Rent to an Investor
If you’re having trouble finding a tenant or do not want to manage your own property, you can also have an investor lease the home from you. If there’s still a mortgage on the property, you can expect a monthly payment of at least enough to satisfy the mortgage payment. This allows you to start getting your mortgage paid off without having to live in the home or find any tenants. If you’re interested in learning more about a deal like this,
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3. Owner Finance Your Old Home
If you do not have a mortgage and own the property in full, congratulations! You have a new option for getting out of your tired property. By working with a real estate investor, you can owner finance them and get paid interest on your money.
For example, if your property is worth $200,000.00, you may be able to do a deal where an investor pays you a 5% return per year in exchange for owning the property. This would mean, yearly you would gain $10,000 or $833.33 per month passively for the owner financing your home. This is a great option for anyone who does not need the cash on hand but wants to make a return on their money.
Benefits of Getting Rid of the Old Home
No More Repairs at Home
Tired of fixing old equipment or making major and minor repairs? Then getting rid of that tiresome property will ensure you don’t have to make repairs again. As previously stated, by selling your property to an investor, you typically will not be expected to make any repair to your home prior to selling. However, if you plan to hold the property, you will likely be responsible for all repairs furthering the annoyance of the home. If repairs are your main problem, consider selling to an investor.
Repair Your Home
If you have the time and money, you can do one final massive repair to the home which may include: the roof, kitchen, bathrooms, floors and paint. This option would work well if you’d like to list your property on the market. Just ensure if you want market price for your property, you find comparable properties to yours and have similar upgrades to achieve a similar price.
Get Paid for Your Property
No matter which option you choose for getting out of your old house, you will likely make some money for leaving. The rental income can create a monthly cash flow if your mortgage is not too high. If you property is paid in full, all rental income is nearly profit. Selling your property in an as is condition to an investor may also lead to a profit assuming there are no liens on the property.
Purchase a New Home
After it is all said and done, you can now get into a new home after you’ve taken nearly any option listed above to get out of your tiresome home. If you need any assistance taking advantage of any of the listed solutions above, do not hesitate to contact us here.
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