Real Estate Market. Thoughts?

[Madeinhb]

Exactly. I told my wife don't look for something to get with the possibility of moving to something else later. Can't predict future - so wait and get what we want.

[Dave_L]

Anyone know the CO rules on selling a rental home currently leased? I looked through my copy of the lease and don't see any thing regarding the sale of the property. I'm looking at what comps are selling for and I would really like to put it up. Lease has one year left (2 year lease).

[Jer]

Anyone know the CO rules on selling a rental home currently leased? I looked through my copy of the lease and don't see any thing regarding the sale of the property. I'm looking at what comps are selling for and I would really like to put it up. Lease has one year left (2 year lease).

Unless your tenants agree to some sort of early termination of the lease you'll have to sell to someone who's willing to assume the current lease.

BTW, www.REI.com has an excellent resource in it's forums for real estate investors.

[Dave_L]

Yeah, that's what I was reading. Ugh. 12 months left on this lease so we're close and Castle Rock could/should hang in for that long with the prices. I was thinking of offering a cash kick back to the tenants to help offset a rent increase at a new place over the next 12 months? Or seeing if they wanted to buy it at a discounted price.

[Firehaus]

Yeah, that's what I was reading. Ugh. 12 months left on this lease so we're close and Castle Rock could/should hang in for that long with the prices. I was thinking of offering a cash kick back to the tenants to help offset a rent increase at a new place over the next 12 months? Or seeing if they wanted to buy it at a discounted price.

A free month or two of rent while the house is on the market can entice people as well.


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[Irving]

You didn't 1031 into something else? I won't be selling unless I have a clear path to move into another property.


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We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

[Dave_L]

Having an exit plan is equally, if not more important than having an entry plan, imo.

Good dating advice right there.

[Madeinhb]

We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

Damn, where do you live?

[Great-Kazoo]

Damn, where do you live?

On a roof, covered with snow.

[Irving]

Damn, where do you live?

This was in Aurora, and we didn't live there, just owned the building. The issue was that other buildings in the area were owned by investors that lived out of state. No one ever put any face time in at the properties to chase out the thugs and riff-raff. Stuff started spilling over to our building, and our mentors buildings (three around ours). The police actually beat the door of our place down looking for someone two buildings down (police had the wrong address). Our mentor decided she wanted out of the area, and we were concerned that another out of state buyer would purchase her buildings and the problem would increase.

Sure enough, when we sold all four buildings together as a package, the buyer was an Australian Rugby coach. Kind of sucked that the neighborhood went to crap, but we were out numbered by too many owners that didn't care enough to manage their properties.