The Minnesota eviction moratorium has left many Cottage Grove investors collecting little to no rent due to the guidelines set down by the CDC. But what do you do when your tenants aren’t paying up? It costs you thousands of dollars as you see them just sitting in your house. Regrettably, as the order drags on, many investment property owners can no longer afford to take the loss. Most property owners turn to the more traditional style of listing a property with a real estate agent when they are getting ready to sell without any other options. When already facing not collecting rent, considering all the steps to prep the property to make it market-ready can feel overwhelming financially, let alone the time it all takes. Should you find yourself in this position, we will explore how to sell your Cottage Grove investment property when your tenants aren’t paying rent because of the Minnesota rent moratorium.
Real Estate Agent
If you own a duplex, triplex, or higher and want to attract the average investor to your listing in the real estate market can extremely difficult during the moratorium. Honesty, it can be nearly impossible if you are trying to sell your Cottage Grove investment property when your tenants aren’t paying any rent. Most investors will not even look at it. All they are thinking about is negative cash flow. Your tenants are protected under the order and not something that will go unnoticed, so be prepared to be completely forthright regarding your tenant’s current status regarding the order. An issue with listings with a real estate agent is the inevitable showings, which means arrangements with your tenants to show the investment property. Be prepared to cover the expenses for photography, marketing, and repairs / updating the property on both the interior and exterior. Added to this are commissions and fees associated with real estate agents, and you have some real dollars going out the door.
The other option to list your Cottage Grove investment property when your tenants aren’t paying on a for sale by owner or FSBO website. The most important information any buyer will be seeking is the monthly income realized from the investment. You will want to be fully prepared to share any arrangements you have already made with your tenants for partial payments under the CDC order guidelines. You might have figured out some programs to help out the tenants when they can pay the rent themselves anymore. With an FSBO listing, you will be handling showings yourself, and you also do not have to worry about tenants responding to questions from the buyers that they really should not answer to a buyer’s agent or their clients. This also eliminates your dealing with them, asking you questions during showings in front of your tenants. One issue has tenants who are home full-time because they are usually not working in many cases or are working only at home because of the current situation. This causes difficulty for tenants keeping a unit spotless, and in reality, a tenant not paying any rent is not going to keep up the property anyway, just in case there is a showing.
Are you ready for a quick, painless, and easy solution from your negative cashflow? Direct buyers typically close much faster than traditional transactions, some in as fast as 7 days, and purchase homes just as they are. This can mean thousands in savings to you with no updates required, not having to fix that old roof or furnace on its last leg, and no more repair bills to worry about! This also includes buying the Cottage Grove Minnesota property with full awareness of your tenant’s current standing under the order. Why not sell your Cottage Grove investment property to a direct buyer when your tenants are not paying rent? Selling to a professional home buyer is exceptionally straightforward and, most of the time, an easy process from start to finish. They will lay out every step of the process and usually have shorter, very clear contracts that are simple to purchase the property as-is purchase agreements. While offers are generally below the traditional retail market rate, this is for a good reason! The investment buyer is taking on a tremendous risk by purchasing your house as-is, for your home may be more damaged than you realize! This lessens your exposure to legal risks found in traditional real estate sales.
Leave all of your worries behind and allow a homebuyer to help you out! What’s your best option? Sell your Cottage Grove investment property to Minnesota Cash Home Buyers when your tenants are not paying. Sellers can expect quick yet simple, stress-free transactions from Minnesota Cash Home Buyers. Give us a call or send us a message to discuss selling your investment property and the steps to receive your personalized, no-obligation offer. Call (612) 444-5088 today to learn more!