Did you buy a rental property thinking it would be all rainbows and profit, and now reality is hitting you square in the gut? Or maybe you enjoy being a landlord but you have that one property that just won’t quit with the major repairs – you’ve already dumped thousands of dollars into major work and there’s no end in sight. The cost of these repairs is eating up your rent ratio and the house is quickly becoming a liability rather than an asset.
There’s no reason to go on in a situation that is stressing you out and making you hate being a landlord. Why hang onto properties that aren’t netting you enough money? Selling your rental property to a real estate investor gets you out of the situation cleanly and easily, and with cash in your pocket – money that you can take and invest in another, more lucrative property.
Another potential problem landlords face with a run-down property in Los Angeles is REAP. If you have a rental that’s in the Rent Escrow Account Program, you’re not only looking at major, expensive repairs and renovations, you are also losing rent from that property because it’s now being garnished by the city. If you can’t afford to do the necessary work to bring the house up to code, you may need a quick way out of the investment. An investor is a great solution because they are accustomed to working with all kinds of properties, including those in REAP, with or without tenants.