Every good investor knows that there comes a time when they will need to sell. If an investment isn’t performing or if you have other opportunities, you might want to liquidate your property sooner rather than later. In our latest post, we will explore some simple ways to sell investment property in Detroit! If you own an unwanted investment property, the thought of listing it the traditional way might seem like even more of an undertaking on an already burdensome home. There are many things to consider before you sell investment property in Detroit. What will the costs be? How will you find a buyer in the shortest amount of time? We can help!
Say Hello To The Tax Man
When selling your investment property in Detroit, you will need to be aware of Capital Gains taxes that might be coming your way. To avoid this penalty, consider rolling the property over for another of “like kind.” By reinvesting your profits into something more lucrative, you can avoid the taxes and keep more cash in your pocket.
Find Another Investor
You know who might want to buy your investment property? Another investor. If you are not already involved with local investment groups in your area, now is the time to join one. Many investors can quickly sell a property just by having a few simple conversations with the right people. By selling to another investor, they will easily be able to see the value and potential in the property. Just like you, they will want the transaction to be quick and easy. Investors often find working with other investors is the simplest way to go when selling a Detroit house. Detroit Fair Offer is a team of investment buyers who would love to make an offer on your Detroit area investment property! There isn’t any obligation, give us a call to find out how we can work together! (313)647-8806
Brush Up On Your Marketing Skills
Most investors are looking to save money wherever possible. This means many choose to sell on their own to avoid expensive agent commissions. So you’ll have to take care of showing, listing, marketing and more when trying to sell your investment property in Detroit. You might go through some trial and error as you figure out what works and what doesn’t. Eventually, you will be able to build a strategy that creates the most exposure for the least amount of money. Getting the house in front of the right people at the right time will ensure you are able to resell the house quickly and without any hassles.
Appeal To Your Current Tenants
Do you have long-term tenants in the house? How’s there credit? If they aren’t quite ready to qualify for a home loan, you can help them out by adding their rent payment to their credit reports. Most people like the idea of owning the home they live in, even if they don’t plan on being there forever. Find out if your tenants would be interested in the house before you sell or list with an agent. This will also make the process easier as you don’t have to deal with agents. There is a flip side to this though. If your tenants aren’t interested, they will know you are getting ready to list it, which could cause them to want to move about before you’re ready. Be prepared for this financial hit if your tenants aren’t happy about the sale.