Tired landlords
Tired of being a landlord? You can sell with tenants in place.
Late rent, turnover and repair calls add up. If you are ready to be done, here are your options for an Indianapolis rental, and when selling as-is makes sense.
- Tenants can stay, and the buyer takes over the lease
- No need to go through an eviction to sell
- Rent and deposits are usually settled at closing
- Single houses and small rentals across Marion County
Your options
- Keep it and hire a property manager. You keep the rent and any rise in value, and pay a manager to handle calls, rent and turnover.
- Wait for the lease to end, then list it vacant with an agent. Usually the best price for a house in good shape, but you carry the empty house through any repairs and while it is on the market.
- Sell to another landlord with the tenants in place, through an agent or on your own.
- Sell it as-is to a cash buyer like us, tenants and all, on a date you pick.
What happens to the tenants and the lease
- The lease usually stays in place. A sale does not normally end it; the buyer becomes the new landlord.
- Deposits and rent. Usually the tenants' security deposits are passed to the buyer at closing, and the month's rent is split by date.
- Seeing the inside. We need to walk through once, with proper notice to the tenants under their lease.
Before you sell: taxes
Selling a rental can mean capital gains tax and tax on past depreciation. Some owners use a 1031 exchange to put off the tax by buying another property. Talk to your tax advisor before you sign anything.
When a cash sale makes sense
- Tenants are behind on rent or hard to deal with, and you do not want to manage it anymore.
- The house needs repairs you do not want to pay for.
- You live out of town, or you are managing several houses and want out of some of them.
When it does not
If you have good tenants paying on time and the house is in good shape, selling to another landlord through an agent, or keeping it with a manager, may be worth more to you. We will tell you if we think that is your situation.
Questions landlords ask
Do my tenants have to move out?
No. We can buy with tenants living in the house and take over the lease.
Will you look at more than one rental?
Yes. Tell us about each house. We look at them one by one and put an offer in writing on each one that fits.
When should I tell my tenants?
They will need notice before the walkthrough, as their lease requires. We are happy to talk through how to handle it respectfully.
More questions?
See our answers to common questions, or send us the address and we will call you.
Ready to hand over the keys?
No pressure and no obligation. A real person here in Indianapolis will call you back.