Selling with or without tenants in situ?

Selling with or without tenants in situ?

15:57 PM, 17th March 2015, About 7 years ago 46

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I have some properties with tenants that will need to be sold in next couple years. Selling with or without tenants in situ

My thinking is if I sell with tenants in situ I will be selling to a small subset of aggressive investors.

If I have empty properties, sure there is no rent coming in but I then can appeal to a wider range of the public.

Whilst I’m sure this has been discussed before it is a major headache to resolve.

Any experiences on this issue would be very gratefully received.

Thanks in advance.

Peter



Comments

by Alan Loughlin

13:45 PM, 30th March 2015, About 7 years ago

gumtree was the one to generate most interest, but the offers were just too low, for instance there was a 2 bed 2 bath one on for 65k, a few months ago the nearest similar one sold was a one bath version with smaller lounge that sold for 69k
the best offer we got with tenant was 48k, just crazy.

by Alan Loughlin

13:47 PM, 30th March 2015, About 7 years ago

the tenant is a long term one paying 575 unfurnishes, always pays on time, and causes no problems at all, cannot understand all this.

by Mark Alexander

14:04 PM, 30th March 2015, About 7 years ago

Reply to the comment left by "Alan Loughlin" at "30/03/2015 - 13:45":

Hi Alan

That's interesting feedback, thanks. Hopefully your experience with us, given that we are specialising in this market, will be very different.

Time will tell 😉
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by Alan Loughlin

14:06 PM, 30th March 2015, About 7 years ago

Most interest was generated through Gumtree, but these we not serious buyers, just people who were trying to take advantage of people in trouble, fortunately that is not us. For example we had a lovely 2 bed 2 bath penthouse apartment on for 65k with good long term tenant paying 575pcm unfurnished, the fees are low, it is in a fantastic location 5 mins from train, and motorways. The last one here to sell was a year ago, it was similar but only one bath and had smaller lounge, it sold for 69k. this one must be woth over 70k, probably 75k, but no interest was forthcoming with tenant in situ, cannot understand this as this is a really good investment, we are only selling because of serious illness, why is there no interest?

by Alan Loughlin

14:10 PM, 30th March 2015, About 7 years ago

sorry to repeat some info, message told me it had not posted.

by Mark Alexander

14:18 PM, 30th March 2015, About 7 years ago

Reply to the comment left by "Alan Loughlin" at "30/03/2015 - 14:06":

Hi Alan

Double posting noted but I will leave them up there because they are slightly different.

I wonder how many properties actually sell via Gumtree, it's not exactly what they are known for is it? I've also heard lots of feedback saying that the quality of tenants responding to their To-Let adverts isn't too good either. Perhaps it's just the demographic they appeal to?

Is it even possible to search Gumtree for tenanted property for sale within a given radius of a postcode?
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by Alan Loughlin

14:25 PM, 30th March 2015, About 7 years ago

on the contrary, for finding tenants it is amazing, we have our best tenants thorough Gumtree, a lot are people who have had bad experiences with agents, and wish to avoid them, hence they avoid Rightmove, the tenants usually are of high quality, and flexible, they just want to be treated well, which we do. In fact the tenant in the apartment I mentioned came this way, and has renewed several times, always pays on or before due, and never caused any problems.

by Mark Alexander

15:19 PM, 30th March 2015, About 7 years ago

Reply to the comment left by "Alan Loughlin" at "30/03/2015 - 14:25":

Again very interesting feedback, that's the first time I've heard anything positive about Gumtree for quite a while.
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by Mark Alexander

12:03 PM, 11th April 2015, About 7 years ago

We are slightly behind schedule with the launch of the new portal for buying and selling tenanted property but we are confident that it will be launched next week.

I am frustrated with the delays but incredibly excited about the initial launch.

My wife and I have been researching the potential market for the sale of tenanted properties and we think there are over 60,000 families of who experience massive dilemmas when considering the sale of BTL properties every year. Here's some simply morbid logic to support that ......

There are an estimated 1.2 million landlords in the UK who own an estimated 4.4. million properties. So far as we know, 100% of landlords die at some point, even though many believe themselves to be immortal LOL. In most cases landlords do not buy enough life cover to repay their mortgages so that means their families will need to sell at least some of their properties when they die. Even if every landlord never sold a BTL property prior to death, and if we assume that death will probably occur within 60 years of becoming a landlord, that's 50,000 landlord deaths a year and circa 200,000 property sale related dilemmas to be considered, i.e. whether to sell conventionally with vacant possession or tenanted.

Of course not all landlords will hold onto their BTL properties until the day they die so the figures for the demand for the service we are launching must be much higher!
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by ron adamson

18:35 PM, 15th April 2015, About 6 years ago

These properties of Alans are just the type of property we purchased last year, bought 2 in a small block with tenants, not had any major problems with either of them.
We are now looking for 2/3 more so this new site should be right up our street.


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