Tips on selling two tenanted properties in Regina

[ryanlake]

I currently have 2 properties in Regina as mentioned, They are both in the desirable but aged General Hospital area.

The one I am sure I will not have too much problems selling for the right price-just need tips on the selling process itself on that one. The issue is I am currently residing in Edmonton, but if necessary I can travel there temporarily for certain requirements. I am wondering if it is an easy process to sell a property while working abroad. I would imagine having a reliable realtor would be a good help (any referrals?) Also debating on selling it myself but I do not think I want the headaches.



On the one house I did some impulsive shopping on a mortgage rate of 3% 5 yr fixed earlier this year. I was wondering if I could let someone assume the mortgage so I can avoid the penalty charges upon sale.



That and any other tips when selling a property abroad would help-Thank you REIN team!

 

[Thomas Beyer]

Selling with a tenant should only be done to investors, say via REIN. A much smaller market, but a market. Why not list it on myreinspace in the ad/JV section as there are folks looking for a decent property with a tenant in it, especially if well managed ie turnkey ! That is essentially what we sell (for your RRSP mainly) namely a turnkey operation based on real estate and many REIN members look for that as time to research market, research sub-market, find asset and write offers is very very time consuming. So if this asset is well located, cash-flows with 25% down, then there are buyers in the REIN or investor community.



Best is to let the lease expire or sell when tenant moves out. Then renovate the place, perhaps stage it, then list with a competent realtor.



REIN teaches basically a change of use concept: buy and hold as a rental but sell to an owner.



If you try to sell with a tenant you will get far fewer offers and far lower ones.



Yes, a buyer could assume a mortgage but 3.5% isn't all that great so why would they, unless you discount house accordingly but some (investor) folks might like that too.



Try a rent-to-own, too or JV with a firm that does that.

 

[manojgft]

I am from Regina.

Please give me a call.



Manoj

306 550 4819

 

[kfort]

Grab the online form through office of residential tenancies for notice to vacate. SK is very landlord friendly in the case that the property is sold. You'll be hard pressed to find a realtor who understands assumable mortgages. Make sure your PM and realtor understand requirements of notification for viewing for a sale, it's horrible on the buying end if they don't.