We buy houses in Grandville Michigan. Do you need to sell your house in Grandville with tenants? The process can be much more difficult than a typical sale. We are homebuyer in Grandville MI and learn more about what to expect in our latest post! There are many reasons a landlord may want to cash out on their rental property
Here are the top 7 reasons a landlord may want to cash out on their rental in Grandville MI:
1. Problem Tenant In Michigan
A problem tenant is the number one reason landlord’s cash out on their rental property. It could be the tenant is behind on rent, trashing the place or many other reasons. Sometimes the hassle and headache is just not worth it!
2. You need cash in Grandville MI
You never know what life will throw at you sometimes. Let’s face it, sometimes you just need the cash. This is another common reason a landlord will cash out on their rental. Remember, if you do decide to cash out you will owe Uncle Sam on any capital gains. Keep reading because #5 will give you a strategy to defer this tax.
3. You want out of the landlord business
This could go hand in hand with number 1, but maybe you just want to try something else. Being a landlord has it’s challenges, especially if you own multiple properties. Pre-screening and finding good tenants, collecting rent, keeping up with maintenance all take up time. Hiring a property management company could be a solution but also costs extra money.
4. Declining Grandville Market
Remember the crash of 2008? If you saw that coming and sold in 2006, go ahead and pat yourself on the back. Even though that was one of the largest crashes in history it definitely pays off to stay on your heels and pay attention to the market trends. The economy is always changing and there are number or factors that determine home values. This is also a big reason landlord’s will cash out on their rental, especially if they sense a market decline.
5. 1031 Exchange
A 1031 Exchange is a strategy investors use to defer capital gains tax when investing their profits into a new rental property. This nifty section of the IRS code allows savvy investors to re-invest their money from the sale of property into new “Like-Kind” property and defer any capital gains tax. Check on my 1031 exchange post for more info!
6. Don’t Want to Make Repairs in Grandville Home
Maybe you own an older house or apartment complex and it’s in need of some costly repairs. Instead of opening your wallet and making the repairs, it might be easier to sell and let someone else deal with it. Many landlord’s cash out on their rental because it’s just too costly to continue to maintain the property.
7. Major Life Event in Michigan
This one may seem obvious, but many landlord’s will cash out on their rental if something major happens in their life such as relocation, new job, death in the family, etc. Some people may feel trapped and find it too much of a hassle to sell. The truth is, there is always a large pool of buyers that would be interested buying your rental. If you happen to be one of those landlord’s who is thinking of selling, find out how we might be able to help!
Sell My House In Grandville MI
Selling your house with tenants in Grandville MI can be challenging depending on your situation and who your tenants are. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We are Grandville MI home buyer and we would love to help you learn more about the options available to you! We offer cash for houses in Grandville MI. Sell your house in MI area now!