Tenants aren’t paying rent in Kansas City
Are you a landlord that is struggling because your tenants aren’t paying rent in Kansas City? The eviction moratorium of 2020 has left many investors in a difficult situation. Many investors have struggled to collect rent due to tenants losing their job or facing other financial issues. Collecting little to no rent during this time due to the rules passed down by the CDC has put many landlords in a difficult situation. But what do you do when your tenants aren’t paying rent? One unfortunate consequence of the eviction moratorium is that many investment property owners can no longer afford to lose money on their property. When selling most owners turn to the more traditional style of listing a property when they are getting ready to sell real estate, without any thought to other options. When already facing not collecting rent, considering all the steps to prep the property to make it market-ready can feel overwhelming financially. Should you find yourself in this position, we will explore how to sell your Kansas City investment property when your tenants aren’t paying their rent.
Real Estate Agent
As a licensed real estate agent in Kansas and Missouri, I have a lot of experience working with investors. I can tell you from personal experience that attracting investors that are willing to take on tenants that are not paying rent is going to be very difficult, if not impossible. All you have to do is put yourself in their shoes and try to imagine taking over a property with tenants that are not paying rent. When we invest we invest to make money, and if we can’t collect rent then making money is almost impossible. The fact that your tenants protected under the order is not something that will go unnoticed, so be prepared to be completely forthright regarding your tenant’s current status, regarding the order. An issue with listings are the inevitable showings, which means arrangements with tenants to show your investment property. Be prepared to cover the expenses for photography, marketing as well as repairs and updating the property on both the interior and exterior. Added to this are commissions and fees associated with real estate agents.
FSBO
The other option to list your Kansas City Metro investment property when your tenants aren’t paying is for sale by owner or FSBO. The most important information any buyer will be seeking is the monthly income realized from the investment. You will want to be fully prepared to share any arrangements you have already made with your tenants for partial payments, under the guidelines of the CDC order. By handling showings yourself, you also do not have to worry about tenants responding to questions that they really should not answer to a buyer’s agent or their clients. This also eliminates your dealing with them asking you questions during showings in front of your tenants as well. One issue is having tenants that are home full-time because they are usually not working at all in many cases. This causes difficulty for tenants keeping a unit spotless, just in case there is a showing.
Direct Buyers
Ready for a quick, painless, and easy solution? Direct buyers typically close much faster than traditional transactions and purchase homes just as they are. This can mean thousands in savings to you with no updates required and no more repair bills to worry about! This also includes buying the property with full awareness of your tenants current standing under the order. Why not sell your investment property to a direct buyer when your tenants aren’t paying rent in Kansas City? Selling to a professional home buyer is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. While offers are usually below market, this is for good reason! The buyer is taking on a tremendous risk by purchasing your house as-is, for your home may be more damaged than you realize! This lessens your exposure to legal risks, found in traditional real estate sales.
Leave all of your worries behind! Your best option? Sell your investment property to PSR Home Buyers when your tenants aren’t paying rent in Kansas City. Sellers can expect quick, simple, stress-free transactions from PSR Home Buyers. Give us a call or send us a message to discuss selling your investment property and the steps to receive your personalized, no-obligation offer. Call (913) 708-1185 today to learn more!