My landlord clients often ask “should I sell my rental property or keep it?”. First, I am a big proponent on trying to keep a rental property at all costs. In my opinion, selling a rental property should be your last resort. I believe real estate is one of the best investments out there. Therefore, when clients ask me about selling their rental properties, I try to convince them otherwise.
Nonetheless, if you do decide to pursue the options of whether you should or should not sell your rental properties, ask yourself these three questions:
1. Is the money worth it?
If you are making at least a 5% cash flow return on an annual basis, keep the rental property. (If you need help calculating your cash-flow annual return, send me a message, and I will gladly let you know right away!)
2. What do you plan to do with the money after you sell?
This may be a heavy loaded question as it may bring up even more questions. Will it sit in a bank account? Will it be re-invested in another investment opportunity? Depending on what you plan to do with the proceeds, you should determine if it is worth selling your rental property or not. For example, if you plan to just keep the money in your bank account, I would suggest NOT selling it. You make close to nothing on that money sitting in a bank.
On the other hand, if you plan to re-invest, then selling to put your money to work in a better investment may be the right move.
3. Are you sick and tired of being a landlord? Tired of dealing with tenants? Unhappy and frustrated with the process of managing the property and repairs?
If the answer is yes, then, sell! If you are not happy anymore or have become miserable being a landlord, you should not sacrifice your happiness for it. There are many other things you can invest the money on that will not make you unhappy.
Finding good tenants in Miami can be a frustrating process. How do you know if they will be good tenants? In addition to finding good tenants, comes the hassle of managing property repairs and tenant complaints if not addressed right or on time. All this can turn into headaches!
We Remove the Stress in Finding Good Tenants and Property Management
We provide two services:
1. Finding good tenants in Miami
When you list your property or properties for rent with us, we advertise your home using our best marketing strategies to target the right tenants.
Our fee to list a property for rent is the first month rental amount. We do NOT charge any extension fees if tenants decide to renew for the years to come.
If the tenant leaves on the 11th month of the one year lease or before, we find you another tenant at NO extra listing fee!
We conduct a thorough tenant screening to find good tenants. This tenant screening consist of the following six items:
Proof of income. We make sure the rent to income ratio is 2 to 1. This means, the tenant’s monthly household income should be at least twice the rental price. In addition, we ask for verifiable proof of income (no bank statements).
Credit history. We request a full credit history to verify tenants are good on making monthly payments.
Employment verification. We verify the company or employer they work for are a legitimate company and we verify tenants employment details. If tenant is self-employ we verify tax returns.
Landlord references. We request references from their previous rentals. We verify landlord contact information matches property owner on public records.
Criminal background check. We request a criminal background check for all occupants over the age of 18.
Eviction history. We run a search on any public recorded evictions.
Once we find you good tenants, we also offer our second service of property management. Our office will manage your rentals for a fee of just 10% of the monthly rental starting on the second month of the lease. Our management services include:
Receiving rental payments from tenants.
Manage tenant relations and complaints.
Coordinate and overlook property repairs (with landlord’s approval).
Coordinate property maintenance.
Make payments on landlord’s behalf (with landlord’s approval) to HOA, property insurance company, property taxes, and/or mortgages.
Provide a monthly statement of rental payments and expenses.
Own a Rental and Need to Find Good tenants?
Put our 16 plus years of experience to the test. Contact us to find out how we can service you!
More often than not, I come across homeowners who are more critical of their home than they should be. More so, when it comes to preparing their home for sale.
When I come across an owner with a list of repairs and upgrades for their home, I have to stop them from potentially losing money! This often happens due to the fact that when living in a home, the owner will notice every small detail and think it is a big one in need of fixing.
A good example is, when you have guests over at your home, it is almost out of instinct to say “excuse the mess!” even though your home may be super clean and organized. The same thing happens when preparing to sell your home.
Do not fall into your critical perspective of your home and repair and upgrade every minor thing. Get an expert advise from a professional real estate agent on what are necessary repair expenses and what are not!
Avoid making the mistake of spending money to fix-up the home if at the end it will not make a difference at the time of sale.
In my many years of experience helping homeowners sell their home, I have been able to sell homes AS-IS and make the most profit for my client at the sale.
If you need guidance on what are necessary repairs for your home, contact me with no compromise or obligation! I am glad to help you make the right decisions to make the most of your home sale!
Curious to Know the Value of Your Home?
We are here to provide you a FREE assessment of your home to determine the true market value! Simply contact me with your information, and will send you the value right away, no obligation!