Property Overview:
Type: Two Occupied Single Family Rentals On One Lot
Seller Situation: The seller, Sherry, owned a property with two rental houses situated on a single lot. The front house was a cozy 2-bedroom, 1-bath, approximately 800 square feet, while the rear house was a 1-bedroom, 1-bath, around 450 square feet. Both units were occupied by tenants on month-to-month leases. Unfortunately, the tenants had not been maintaining the property well and were paying below-market rents. As managing these units had become increasingly cumbersome, Sherry was eager to exit the rental business and relieve herself of the ongoing challenges.
Condition: Both houses needed quite a bit of work and had years of deferred maintenance.
Sale Details: Purchased outright for cash completely as is with the tenants inside and closed within 30 days.
How We Helped: Sherry faced challenges managing her rental property, which included two houses with unresponsive tenants and below-market rents. To alleviate her burdens, we stepped in with a straightforward solution: we purchased the property outright for cash. This allowed Sherry to quickly and easily exit the rental business, freeing her from the complexities of property management and tenant issues. By buying the property as-is, including inheriting the existing tenants, we provided Sherry with immediate relief and a hassle-free transaction. This approach enabled her to move forward without the ongoing headaches of managing the rental units.