Owning rental property in Minnesota can be a lucrative investment, but it can also come with its fair share of challenges. From difficult tenants to high maintenance costs, owning unwanted rental property can be a significant financial and emotional burden. However, there are steps you can take to address this situation and minimize the impact on your finances and life.

Here are the top ten steps to guide you through owning unwanted rental property in Minnesota.

  1. Review Your Lease Agreement If you have a tenant who is not paying rent or is violating your lease agreement, review your lease agreement to see if the tenant is in breach of contract. If so, send a written notice to the tenant to correct the issue or vacate the premises.
  2. Consider Mediation If you are dealing with a difficult tenant, consider mediation to resolve the issue. A mediator can help both parties come to an agreement and avoid costly and time-consuming legal proceedings.
  3. File an Eviction Notice If the tenant does not comply with your written notice, you may need to file an eviction notice with the court. This will start the legal process of removing the tenant from your property.
  4. Hire an Attorney An experienced real estate attorney can guide you through the eviction process and represent you in court if necessary. They can help you navigate the legal system and protect your rights as a property owner.
  5. Sell Your Property to a Cash Buyer If you are tired of dealing with unwanted rental property, consider selling your property to a cash buyer. This can be a quick and easy solution that allows you to move on from the situation and avoid further stress.
  6. Consider Renting to a Property Management Company If you are tired of dealing with difficult tenants or the demands of property management, consider renting your property to a property management company. They can handle everything from tenant screening and lease management to property maintenance and repairs.
  7. List Your Property with a Real Estate Agent A local real estate agent can help you market and sell your rental property. They have access to resources and networks that can help you find a buyer quickly and at a good price.
  8. Offer Rent-to-Own or Owner Financing If you are having difficulty selling your rental property, consider offering rent-to-own or owner financing options. This can make your property more attractive to buyers who may not have the credit or financial resources to purchase the property outright.
  9. Lower Your Asking Price If you are having difficulty finding a buyer, consider lowering your asking price. This can help you attract more potential buyers and sell your property faster.
  10. Donate Your Property If you are unable to sell your rental property or find a tenant, consider donating your property to a charitable organization. This can provide you with a tax deduction and allow you to move on from the situation without incurring further financial burden.

In Conclusion

Owning unwanted rental property in Minnesota can be a significant financial and emotional burden. If you are facing challenges with tenants or the demands of property management, these ten steps can help guide you towards a successful resolution. Contact a real estate professional today to learn more about your options and start taking control of your property and financial situation. With the right strategies and support, you can overcome the challenges of owning unwanted rental property and move on towards financial stability.

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I had two other bids, but Randy made me feel so comfortable and was so understanding about my situation that I just had to go with him. He answered all my questions promptly every time I texted him. He allowed me plenty of time to find a new home and move with no pressures. I would definitely 100% recommend doing a buy-out with ReallyFastRealty.

- Patricia Johnson

My experience with Randy White and ReallyFastRealty was exactly that—real fast!

I received an offer in less than a day and a finalized agreement in a few days. The closing took less than 15 minutes, and the whole process was completed in about three weeks. Randy was easy to work with and quick to respond to questions. I would recommend ReallyFastRealty to my friend.

- Lindy Nolen

Thank you so much for all your help!

I had a very strong impression/prompting to contact you regarding my house. Acting upon that was an answer to prayers. Thank you for sending Randy White.   He was wonderful. His compassion kindness patience and understanding were amazing.  You were a blessing sent from God!

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ReallyFastRealty created a multi offer approach that was tailored just for me. I was able to make a selection that was best for my family.

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I recently inherited a property and it was a mess. The whole house needed to be redone. When I called Randy White I quickly received an all CA$H offer to purchase the property. I was so relieved that I wouldn’t need to make any repairs to that piece of junk!

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Working with ReallyFastRealty has been awesome. I quickly received a fair offer to purchase my house and closed when I requested. I was very happy with the offer I received, and I appreciated how comfortable we were made to feel throughout the closing process. If you are looking to sell your house fast, I highly recommend working with ReallyFastRealty.

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I am so thankful I decided to call ReallyFastRealty when I received the postcard in the mail. Randy and Chris with ReallyFastRealty, LLC, were so great to work with. They handled everything with very little effort on my part. Even when my situation caused some issues, they stuck with me and never stopped keeping my best interests at heart. Thanks to both of you! I will certainly recommend you to others!  Kathy K.

- Kathy K.