Could we be facing a flood of multi family listings later this year? Lets set the stage. Many tenants here in the Manchester NH area were forced out of work by the pandemic and they are now unable to pay their rent. Many of the landlords count on this rent to pay their mortgages, taxes, insurance, utilities and upkeep of these investment properties. Without rent to pay, many will need to sell their properties.
If you own a multi family. If you own an investment property. NOW may be the time to sell while the inventory is non existent.
One of the issues is tenants do not realize the financial situation of a landlord. Many do not know where their rent goes. Some landlords are able to weather the storm and even waive back rent. Many are not in that position. Many tenants are communicating and working things out with their landlord to both be able to weather the storm. Some though are insisting on free rent not willing or able to pay rent. I have heard tenants who are refusing to pay as evictions are on hold. What they do not think of is that evictions at least here in NH will be opened back up with the week most likely. That evictions can move quick in NH. For those who stall them, if the landlord loses the property to foreclosure, they will be evicted anyway.
IN SUMMARY, time will tell the fate of many. However, multi family owners can take fate into their hands and list and sell now if they are facing a financial hardship. Get a good price, avoid stress and have something to invest again.
IN THE END: I list and sell many investment properties I also have buyers ready, willing and able to buy multi family homes. Reach out if you have questions and see how I can help you/
I leave you with my infamous thoughts, My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.
To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 34 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties.
We stand by you through every step in selling your home
.
Comments(13)