What Is a Tired Landlord?
Dealing with rentals and tenants is stressful for those who own rental properties. Repairs, maintenance, late payments, evictions, and rental property costs can take their toll. Eventually, you may decide to call it quits and retire. If so, you could be a tired landlord.
If you are a tired landlord, you may be looking at options for selling your house. You could hire a real estate agent, attempt a For Sale by Owner, or work with a company that buys houses in Cleveland, Ohio. Let’s take a look at what a tired landlord is and the best way to sell your house rental house fast.
What Does It Mean to Be a Tired Landlord?
From a real estate perspective, a tired landlord is a person who owns rental properties but no longer wants to be a landlord because they are tired or stressed out. There are several reasons a person may want to get out of their rental house.
- They have too many rental properties they are unable to manage.
- The property owner is losing money on their properties.
- The landlord is retiring from the business.
- There are too many legal problems with bad tenants.
- The owner is scaling down their business to fewer rental properties.
In almost every case, the landlord is in a situation where the rental property is causing too much emotional or financial stress. The owner is ready to get out as soon as possible and move on to something else.
What Options Do I Have for Selling My Rental House?
If you are a tired landlord ready to sell your rental house in Cleveland, Ohio, you have three main options for selling your house.
Traditional Home Sale
If your property is a rental house, you can do a traditional home sale. Hire a real estate agent and list the house on the market. You’ll need to make repairs and upgrades that attract potential buyers instead of tenants. A traditional home sale can take 60 to 90 days, plus extra time for preparing the house and closing the sale.
For Sale by Owner
You may be able to use your real estate network to find a buyer without hiring a real estate agent. A For Sale by Owner (FSBO) allows you to sell your house without the need for an agent or broker. However, on average, an FSBO can take six to 12 months. Plus, you still incur all expenses.
Cash Home Sale
A cash home sale allows you to work directly with a company that buys houses in Cleveland, OH. The buyer makes a fast cash offer and closes the sale. Since it’s a private transaction, you don’t have to list the house. On average, you can sell your rental house in seven to 21 days.
Can I Sell My Rental House with Tenants Still In It?
There are no Ohio laws prohibiting you from selling your rental house with tenants in it. However, you must be aware of Ohio’s landlord-tenant law about landlord’s rights and renter’s rights if you sell your house. Although the property does belong to you, occupants can affect your sale if you choose a traditional home sale.
However, you have more flexibility in a cash home sale. Professional home buyers know what challenges to expect when assuming ownership of a rental house. Therefore, they are also willing to assume responsibility for dealing with the tenants.
A cash sale allows you to sell your rental house fast without worrying about the tenant’s rights. You can close the sale and walk away with no strings attached.
Sell Your Rental House Fast in Cleveland, Ohio
If you are a tired landlord and you want to sell your house fast in Cleveland, Ohio, contact Home Buyers Ohio. Call us at 440-490-4600 today to get a fast cash offer.