We’ve already gone over how to sell a condo with a tenant. Today let’s discuss how to sell a multi family home with a tenant.
If you own a 2 or 3 family home you’ll want to look at who the most likely buyer will be:
- If your property is in great shape and has been extensively updated, your most likely buyer will be an owner occupant.
- If your property needs some updating (and you price the house to reflect this) or you are willing to price it a little bit below the market value then you open up the potential buyer pool to investors as well
An owner occupant must occupy the property within 30 days of the closing. This means it’s easier to sell a 2 family or 3 unit home with at least 1 vacancy. This way your closing isn’t subject to whether or not a tenant moves out on time. Owner occupants normally prefer to live on the top floor of a multi family home.
If your property is fully rented with good tenants paying market rents, this will normally make the property more attractive to investors. If your property needs work, then investors are okay with vacant units since it makes it easier for them to do work on the property.
As you can see, it’s a bit more difficult to give a hard and fast rule for multi family properties – it depends on the location, condition, rents and price you want for your 2 or 3 family home. If you need some advice, just call, email or text us and we can discuss your property and what makes the most sense to attract a buyer in today’s real estate market.