Rent then sell? or sell vacant dilemma

[donksky]

I`ve got a duplex rental I`d like to sell quickly in Sudbury & list this week - but May is moving month for a lot of students & I got good applicants wanting to move in on May. But I`d really like to sell asap-there`s water seepage in basement concrete but I knew this going in & don`t mind it - would it turn off buyers & should I wait until summer (although I`m putting it in my disclaimer anyway that there`s seepage??).
Do you investors prefer buying properties already rented or vacant? Is it more valuable/marketable if already rented? How long should tenants be in before I turn around & sell-any legal ramifications? should I just put them on 6-month lease so they`re not threatened? HOw do I determine if my property would attract homeowners? I`ve got a great assumable mortgage at variable prime less 0.8 (no longer available) for investors with less than 2 properties. Should I rent out the upstairs only- assuming homeowners want to rent out upstairs....help!!

 

[Thomas Beyer]

QUOTE (donksky @ Apr 6 2009, 07:15 PM) I`ve got a duplex rental I`d like to sell quickly in Sudbury & list this week - but May is moving month for a lot of students & I got good applicants wanting to move in on May. But I`d really like to sell asap-there`s water seepage in basement concrete but I knew this going in & don`t mind it - would it turn off buyers & should I wait until summer (although I`m putting it in my disclaimer anyway that there`s seepage??).
Do you investors prefer buying properties already rented or vacant? Is it more valuable/marketable if already rented? How long should tenants be in before I turn around & sell-any legal ramifications? should I just put them on 6-month lease so they`re not threatened? HOw do I determine if my property would attract homeowners? I`ve got a great assumable mortgage at variable prime less 0.8 (no longer available) for investors with less than 2 properties. Should I rent out the upstairs only- assuming homeowners want to rent out upstairs....help!!
We own 93 units in Sudbury with decent i.e. low vacancies ..

thus: better sold or bought empty as
a) there is significant rental upside if vacant due to Ontario`s rent control laws .. thus investors like it empty, or
b) home owners like it empty too

As to: what is better: hold or sell ? it depends .. what would you do with the cash when sold ? Do you have a better place to invest it with a higher risk-adjusted return ... or need it for personal pleasure ?

re: seepage: of course buyers will not like it .. but the low price will hopefully reflect that !

 

[NorthernAlex]

I learned lately expensively that some (less experienced) landlords didnt screen their tenants well and will add a "not vacant"deduction in my next offers. I definitely would prefer empty.

There is no minimum rental time before you can sell.

BTW: Sudbury? I am in North Bay and want to buy soon again. I have a very good friend in Sudbury this Tuesday and Wednesday, and could also maybe drop by for a look.

I would appreciate an email with some details upfront to NorthernAlex at gmx.org if you are interested.

 

[Thomas Beyer]

QUOTE (NorthernAlex @ Apr 6 2009, 10:00 PM) ... I have a very good friend in Sudbury this Tuesday and Wednesday, and could also maybe drop by for a look.

I would appreciate an email with some details upfront to ...
I e-mailed you ..

btw: you have a friend for 2 days only ?

 

[donksky]

I need to sell -I`m too far - 291 Hazel Street in Sudbury - assumable (by an investor with good credit/employemnt and only 2-3 rentals to-date) mortgage of variable prime less 0.8% (1.9% these days!! ) of mortgage $158k. I`ve got tenants lining up - tenant upstairs is moving out end of April & ground is vacant. See my kijiji ad under houses for sale for details. I can`t PM anyone due to the new REIN policy so just email me [email protected] or call 416-780-2041 for P&L.

 

[gregg]

Fellow REIN members,
This may be a great deal if you are in a position to assume the existing mortgage. She is too far away to manage this property and needs to sell asap. The numbers work well for positive cash flow and there is a trade-off with the price but assuming that the property will appreciate over time makes the deal a potential winner. I have 71 properties in Sudbury, live here and have worked with Donna to help upgrade the property with a few renos.

Gregg

QUOTE (donksky @ Apr 8 2009, 10:39 AM) I need to sell -I`m too far - 291 Hazel Street in Sudbury - assumable (by an investor with good credit/employemnt and only 2-3 rentals to-date) mortgage of variable prime less 0.8% (1.9% these days!! ) of mortgage $158k. I`ve got tenants lining up - tenant upstairs is moving out end of April & ground is vacant. See my kijiji ad under houses for sale for details. I can`t PM anyone due to the new REIN policy so just email me [email protected] or call 416-780-2041 for P&L.