Ready to cash in? Rob has all the tips on preparing to sell rental property! You’ve bought, sold, and renovated your multifamily investment. Go through this checklist to make sure you are prepared to sell it!
Preparing to Sell Rental Property When It’s Time For the Sale
Rob starts out by explaining the full cycle of real estate, which is “buy-fix-sell”. The final step, of course, is selling your property. Here are some tips to get you ready for that sale:
- When you are preparing to sell rental property, you must understand that it has been an ongoing process since you acquired it. The entire time you own a multifamily dwelling, you are continually repairing and upgrading it.
- Gather any and all documents you will need for prospective buyers. The more information they can easily access about your property, the better. Keep all of these documents online in Dropbox or Google Drive.
- Interview the selling broker. Make sure you vet them properly.
- Negotiate the broker contract. A good contract benefits both sides.
- Review and qualify potential buyers’ offers. The broker may provide you a spreadsheet so you can see each buyer’s qualifications.
- Select the buyer. Offers will soon roll in. It’s up to you to choose the right one.
- Open Escrow. This process will pave the way for the last steps in the selling process.
- Manage all the buyers’ requests while Escrow is opening up. They will be looking for your title agreement, income reports, and more to make sure everything is kosher. Again, you should have digital copies online for them to review.
- Maintain occupancy and collections during Escrow. If your buyer is applying for a federal loan, you must keep occupancy at 90% minimum for 90 days. Otherwise, you will need to file for an extension. Your deal will fall through if you can’t get one.
Join Our Community
Do you own multifamily properties? Do you aspire to build wealth? Then you should consider joining our online discussion group, the ATL Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Enroll today!