Inheriting a rental property can be a mixed blessing. On one hand, it can be a valuable asset that generates passive income for you. On the other hand, it can be a burden that requires a lot of time, money, and effort to manage. If you find yourself in this situation, you may be wondering what your options are. In this blog post, we’ll discuss some of the options available to you if you inherit an unwanted rental property, and how you can sell your home fast in the Minneapolis/St. Paul, MN area.
Option 1: Keep the property and become a landlord
One option is to keep the property and become a landlord. This can be a good option if the property is in good condition, has reliable tenants, and generates positive cash flow. However, if the property requires repairs, has high vacancy rates, or has problem tenants, being a landlord can be a headache.
If you choose to keep the property and become a landlord, you’ll need to consider the following:
- Tenant management: You’ll need to collect rent, maintain the property, and deal with any tenant issues that arise.
- Legal obligations: As a landlord, you’ll have legal obligations to your tenants, including providing a safe and habitable living space, adhering to local housing codes, and following the terms of the lease agreement.
- Taxes: You’ll need to pay property taxes and potentially other taxes, such as income tax on rental income.
Option 2: Sell the property on the open market
Another option is to sell the property on the open market. This can be a good option if the property is in good condition and located in a desirable area. However, selling a rental property on the open market can take time and money. You’ll need to hire a real estate agent, make repairs and upgrades, and pay closing costs and commissions.
If you choose to sell the property on the open market, you’ll need to consider the following:
- Time and money: Selling a property on the open market can take several months and cost thousands of dollars in repairs, upgrades, and closing costs.
- Market conditions: The real estate market can fluctuate, and there’s no guarantee that you’ll get the price you want for the property.
- Buyer financing: If the buyer is relying on financing to purchase the property, the sale can fall through if they don’t qualify for a loan.
Option 3: Sell the property to a real estate investor
If you want to sell your home fast in the Minneapolis/St. Paul, MN area, selling your property to a real estate investor can be a good option. Real estate investors specialize in buying properties quickly and with cash, often within 7-10 days. This can be a good option if you need to sell the property quickly or if the property requires repairs or upgrades that you don’t want to invest in.
Here are some benefits of selling your property to a real estate investor:
- No fees or commissions: Real estate investors don’t charge fees or commissions, so you’ll keep more money in your pocket.
- Quick sale: You’ll receive an all cash offer within 24 hours and can close the sale within 7-10 days.
- Fair offer: Real estate investors will make you a fair offer based on the condition and location of the property.
- You choose the closing date: You can choose the closing date that works best for you.
- We pay all costs: You won’t have to pay any closing costs or other fees associated with selling the property.
If you choose to sell your property to a real estate investor, you’ll need to consider the following:
- Research the investor: Not all real estate investors are created equal. Do your research to find a reputable investor who has a track record of buying properties quickly
- Property condition: Real estate investors typically buy properties in any condition, but the offer they make may be adjusted based on the property’s condition and the estimated cost of repairs.
- Market conditions: Real estate investors will make you a fair offer based on the current market conditions, but it’s important to keep in mind that their offers may be lower than what you could get on the open market.
Selling Your Home Fast in the Minneapolis/St. Paul, MN Area
If you’ve inherited an unwanted rental property and are looking to sell your home fast in the Minneapolis/St. Paul, MN area, we can help. We’re a local real estate investment company that buys properties in any condition, and we can make you an all cash offer within 24 hours.
Here’s how our process works:
- Submit your information: Fill out our online form or give us a call to provide us with some basic information about your property.
- Schedule a walkthrough: We’ll schedule a walkthrough of the property to assess its condition and make you a fair offer.
- Accept our offer: If you like our offer, we’ll sign a purchase agreement and schedule a closing date that works for you.
- Get paid: We’ll pay you in cash on the closing date and take care of all closing costs and fees.
We understand that selling a rental property can be a stressful and time-consuming process. That’s why we offer a fast, hassle-free solution that puts more cash in your pocket. Contact us today to get a free, no-obligation offer on your property.