Rob had accumulated a few rental properties over the course of several years. With the combination of rental income, property appreciation, loan amortization and some additional tax write offs, the benefits of investing in real estate were appealing and proved to be everything he had hoped for.
Unfortunately, market timing was not something Rob had studied, and he got caught in the big real estate downturn in 2008, along with the vast majority of the real estate owning population. Southern California was hit particularly hard, and Rob’s house in San Bernardino county was in one of the hardest hit counties in this area. Having purchased his properties in the few years prior, he found himself underwater on his mortgages and uncertain what to do.
Through diligent management and a lot of hard work, Rob managed to hold on through the downturn and keep his homes rented until the values went back up over the next several years and lifted his properties back into a solid equity status.
Unfortunately it was all Rob could do to keep up with the mortgage payments, and he put some larger maintenance items on the back burner to do at a later date. One particular property was in need of a new roof and some major plumbing work. Not wanting to put himself back into a financially difficult situation, he decided it would be best to sell his property.
But selling a property in that kind of condition is not easy, and since his tenants had a lease in place for another year it made it even harder. In situations like this a traditional sale to another end user buyer may not be the best choice for a homeowner. Investor buyers, that will buy properties in any condition, with no repairs and even occupied by tenants provide a viable option for situations just like this one.
After researching his options, Rob decided to go this route and sold his house for a fair price without having to do any repairs or disrupting his tenants’ lease. With his problem house out of the way, Rob was able to focus on getting the rest of his rental portfolio in shape and continue his path towards long term financial rewards from his real estate.
If you have a problem property that needs repairs, or maybe you are having problems keeping up on your mortgage payment, or if you just need to sell your house fast in Los Angeles, San Bernardino, or somewhere else in Southern California you may have more options than you think.
If you have ever traded your car in to a car dealer or understand that process, working with a cash buyer investor is very similar. Selling real estate can be a complex process with loads of paperwork and legal requirements to fulfill. Cash home buyers can take the complexity out of the process and make it quick and easy, handling all the paperwork and details for you.
Bright Idea House Buyers is one such local family owned company that helps people unload their problem properties quickly, easily and in any condition. If the idea of a simple, hassle free real estate transaction appeals to you - give us a call today at 424-625-7026 for a free no pressure consultation.