Recently, I was in amazement to what I heard an agent telling their client who wanted to sell a multi-family dwelling to do.

This agent was telling his client that since all the tenants were on a month-to-month lease that he should evict them before trying to sell it to make it easier to show.

WHAT? A person who wants to buy a multi-family property wants a long term tenant and not a vacant property! It would have been better to tell his client to put each of these clients under a one year lease then advertise it as such.

FOR SALE
4-Plex
4 units all rented
w/ 11 months left
on leases
$XXX,XXX

Landlords want money coming in when they buy a property. They don't want to spend months with a vacant investment property while spending money advertising for new tenants.

If you are looking to buy or sell a multi-family property in Washington County, Oregon please contact me first and find out how to make more from the sale of your investment property.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

creative financing

    


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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12 Comments on Don’t evict tenants before trying to sell a multi-family dwelling

DEC
02
2007
597,029 Points 106 Featured Posts Localism Sponsor Outside Blog Hit Router
If they vacate the units what will they show for cash flow?  They will also make it harder for the buyer to get their financing.
3:27am • #1
406,115 Points 1 Featured Post Outside Blog

Holy Cow ..... What an idiot. When I use to buy rental property I use to prefer that the tenants were on a month to month. That allowed me to raise the rents if I felt they were too low to start with.

Sean Allen
3:48am • #2
338,841 Points 52 Featured Posts Outside Blog
Wow.  Yes, tenant occupied properties are usually 24 hour notice showings, but investors understand that.  They typically are not of the "I want to see it now" group of buyers.  I fully agree with you - an occupied multi-unit dwelling is a plus for potential buyers.  They do want to see that $$ will be coming in from the day of closing and not months later.
5:12am • #3

I agree with you for the most part... but I'd ask the current seller to give a rent roll, and some more info on the current tenants (how many times late, damage done, inventory checklist, etc) prior to making an offer, or making the offer subject to the buyers' approval of these documents.  The seller may be selling that property because of the tenant problems, and the buyer will want to know what they are getting themselves into.

Jeff
6:18am • #4
118,236 Points Outside Blog

Many things can go wrong between the offer being accepted and title transferring. Until all the "T" are crossed and the "I" are dotted, the eviction process can wait. Good advice.
7:48am • #5
297,148 Points 19 Featured Posts Localism Sponsor Outside Blog

Todd,

Be thankful you have agents like that in your market...it give you the opportunity to shine!

I agree with most of what yo said, although I do think Sean's spin may be better advise - keep everyone on the month-to-month so the new landlord can weed out any undesirables, plus can raise the rents if he so desires.

Now Have a Blessed Day,

John Occhi, Hemet REALTOR®
Mission Grove Realty
8:18am • #6
This is an example of an agent taking on a project that they are unqualified for. My proctologist wouldnt try to treat my heart problem. He would refer me to a qualified collegue. We should should develop our own area of expertise and refer out any business we are not qualified to handle. To do otherwise gives us all a bad name.
9:06am • #7
121,917 Points 5 Featured Posts

Todd,

Buying a vacant building makes no sense. It is better to have it occupied on a month to month or yearly lease. Sean makes a good point though about raising rents once purchased by buyers.

11:32am • #8
I guess we lean something new every day about folks.  From a business prospective, it doesn't sound smart.  From a human prospective, kicking a family out during the holidays is not cool and it can back fire resulting in negative results. 
11:35am • #9
DEC
03
2007
1,929,481 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Randy - Exactly! This agent was out of their league and didn't want to admit it!

Sean - Good point!

Kris - Cash flow is king!

Jeff - I agree with you, I just didn't want to get that far into in this e-mail. This was more just to point out that you don't want to evict people before trying to sell. One of the tenants had been their 8 years!

Derrick - The is an understatement!

John - OK, you guys win, keep them on a month-to-month. But certainly don't kick them out!

Ron - Your proctogist may cause the heart problem, but never treat it!

Dave - Sean is one smart cookie!

Wayne - Come on that is the best time to kick them out! Ba-Hum-Bug! - lol

Just kidding - Merry Christmas everyone!
11:49am • #10
296,366 Points 19 Featured Posts Outside Blog
That makes no sense!  Why would you ever want an empty house like that?  You want long-term tenants.
10:34pm • #11
MAR
28
2009
1,929,481 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

James - Some people think they would rather look at the dwelling than the income.
6:34am • #12

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