by Indiana on Sunday, August 7, 2011 @21:36
We have just encountered our first eviction. The property which we've owned for about 7 years was put on the market initially and due to the economy we are upside down on the property.
Needless to say after this ordeal although I've learned a lot and I would definitely be doing things a lot more differently, I'm not interested in being a landlord and having to deal with all this. I just don't feel like we have a ton of options to get out of this situation.
I have a credit score of well over 800 and as often as it's been suggested to me, I've worked hard to maintain my credit and I'm not interested in screwing it up to get rid of this property. So, I'm stuck and I hate people beat my property to crap and all the profit I make on it pretty much gets dumped into fixing it all.
At this time we are considering doing a month to month lease and putting it on the market until we can find someone to purchase it. I think pretty much limits us to being able to sell it ONLY as a rental property. I think this will tick off a tenant we get to live in there and they will tear it up during the sale if we sold it to someone forcing them to move out. So, obviously that would never happen.
I am concerned that a m2m will deter renters especially if they know we are looking to sell the property. I don't see how we would be able to keep this information from them. I would assume a new landlord would insist on seeing the property prior to buying. We would have to schedule walk-thru times. I would also be concerned that a new owner would be hesitant to deal with renters they are not familiar with.
My husband is under the assumption that a landlord buying in would want the property already filled with cash flow coming in rather than a vacant property they will have to try and fill. I'm not entirely sure I would want to buy into whatever another landlord may be trying to get away from, nor would I trust what another landlord may tell me to get away from it.
I guess what I'm looking for here is, ideally what would be the best scenario that would motivate a potential landlord would purchase a property?