How to sell your rental properties

Rental properties are either a house, duplex or apartment complex that serves as a rental. In order for the property to be considered a rental property, the owner and their dependents must not live there. Many people decide to buy a rental property to generate a steady income, build equity and gain tax benefits.

Although owning rental properties has its perks, it also has its downsides. Sometimes it ends up costing you more money than what it is worth. Our team has created this guide to help landlords decide when to sell their rental property and the different ways to sell my house fast in Omaha.

The best times to sell your rental property

You are moving. 

Being a landlord is a time-consuming job. As a landlord, you have the responsibility of making sure the property is habitable, secure, current on repairs and has regular maintenance performed. If you are relocating to a new city or state, keeping up with your landlord duties can be difficult. 

The maintenance costs are too much. 

Owning a rental property also means you will have to do regular maintenance. However, if the maintenance expenses are more than the rental income, then it is time to sell. A good rule of thumb to follow is the five percent rule. This rule states that you should spend five percent of your total income on repairs and property maintenance. 

No positive cash flow.

One of the main reasons you bought a rental property was to generate income. You want to see a positive cash flow. If you are losing more money than what you make, it is time to sell the property. Money can be lost on the property if prices in the neighborhood have dropped, rent prices have decreased or insurance and tax prices have increased. 

How to sell your rental property

If you have encountered any of the problems listed above, it is time to sell your rental property. You can sell your property the traditional way by hiring a real estate agent to sell your home or sell it to a company that buys houses. 

If you decide to sell your rental property with a real estate agent, just know it could end up costing you more. You may have to pay for any repairs the property needs, pay real estate commission fees and closing costs. Not to mention, it takes a lot of time to find the correct buyer. 

Are you searching for a way to sell my house fast in Omaha? Then sell your house for cash to a company that buys houses. How it works is you schedule a house showing, and then a professional will give you a cash offer for the property. This process saves you the trouble of cleaning, making repairs and waiting to find the perfect buyer. Plus, you will not have to pay closing costs or commission fees - putting more money in your pockets.

Looking for the best way to sell my house fast in Omaha? 

Contact Best Price Homebuyers! Our team can help you get your home or rental property sold in as little as seven days! We buy houses with all kinds of damage from water, structural, fire and even roof damage. Request your cash offer here.