How To Get Top Dollar When I Sell My Rental Property Orlando
Are you looking to sell your rental property in Orlando? If so, then you’re not alone. With the housing market at record highs, many people want to cash out their nest egg and use that money to pay for other things. Perhaps you’re retiring soon and want to use that money to explore the world. Or, maybe you want to take advantage of the rise in property prices to pay off your primary residence or buy a better one for you and your family.
No matter why you want to sell your rental property in Orlando, you’ll invariably want to get the best price for it. How do you get top dollar for your property? It’s not as hard as you might imagine!
Sell My Rental Property Orlando: What Not To Do
When discussing how to get top dollar for your property, most sites will tell you very similar things. For example, this article gives all the traditional advice, including timing the market and performing repairs.
The problem with this advice is that hindsight is often 20/20, and it’s incredibly challenging to maximize your returns in real life and real-time. Let’s consider a simple, but typical, example. Suppose you have a home in Orlando – a lovely, one-level 3-bedroom home. It needs some repairs, though, to be genuinely move-in ready. The water heater and air conditioning system are old. The roof could use some fixing, and there are some dents in the walls from a few times when you banged it moving furniture.
Now, you have a choice. The roof problem alone means that you may exclude potential FHA buyers (an inspector must determine that the roof will last at least two years for FHA loans to proceed). And the water heater and AC mean that your home might not be genuinely move-in ready for a prospective buyer. So selling it as-is, with a real estate agent, seems challenging.
So, to sell your rental property in Orlando, you decide that you’ll make the repairs. The problem is that the roof costs $5k-$10k, the AC costs another $5k-$10k, and the painting and wall repairs will also cost about $5k. To get it “move-in” ready, you’ll need to spend $15k-$25k. Let’s assume that you’re like many families and don’t have that cash lying around.
To make the sale, you do a HELOC. That will pay for the repairs! You put it up on the market! Buyers come in, look at your property, but they don’t make an offer. Months go by, and eventually, you need to lower your price to get the sale.
Meanwhile, you’ve been racking up interest costs on the HELOC and mortgage, property tax expenses, utility expenses, and everything else.
If that doesn’t sound like maximizing your returns, that’s because it’s not!
Sell My Rental Property Orlando: What To Do Instead
Instead of rolling the dice and hoping that you’ll sell your rental property in Orlando with a traditional real estate agent, the better way to maximize your profits is to sell to a cash investor.
With a cash investor, you’ll receive a fair offer for your home. Cash investors will buy the property as-is, with tenants or without!
By selling to a cash buyer, you’ll avoid:
- Repair bills
- Property tax, utilities, and other expenses (because cash investors can close so quickly!)
- Real estate agent commissions (5%+ of the listing price)
- Gas, and wear and tear on your car to keep driving to the home to make sure it’s ok in between open houses.
Leading sites estimate that sellers lose approximately 10% of your home’s value to real estate commissions and other expenses. With a cash buyer, you’ll pay 0% on costs. You’ll have no repairs, no commissions, and no unexpected bills!